Biomet, a Warsaw, Ind.-based devicemaker, made an offer to acquire the worldwide trauma business of DePuy Orthopaedics for $280 million in cash.
Biomet makes $280 million offer for DePuy unit
The divestiture is expected to satisfy regulatory concerns relating to Johnson & Johnson's purchase of Synthes in 2011, according to a statement e-mailed by a DePuy spokeswoman.
DePuy is a subsidiary of the New Brunswick, N.J.-based healthcare company, which had announced plans to acquire Synthes, an orthopedic device company with headquarters in Solothurn, Switzerland, and West Chester, Pa., for $21.3 billion in cash and stock.
“We will not know with certainty until the regulatory processes in the EU and U.S. are completed,” the spokeswoman said in the statement. “We continue to make progress in our work with antitrust authorities on the Synthes transaction and look forward to closing the Synthes transaction in the first half of this year.”
Biomet said in a news release that the binding offer is set to expire June 1, although the company said it can be extended under certain circumstances.
“This transaction will provide Biomet with a much stronger presence in the global trauma market and greatly expands our sports, extremities and trauma business, which is a meaningful growth driver for Biomet,” said Biomet President and CEO Jeffrey Binder in the news release.
The deal is expected to close in the second quarter of this year.
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