Biomet, which is owned by Blackstone Group, Goldman Sachs Capital Partners, KKR and TPG, has agreed to acquire Lanx. No financial terms were disclosed. The transaction is expected to be completed on or before November 29, 2013. Based in Broomfield, Colorado, Lanx is a full-service spine company and provider of minimally invasive techniques and solutions. It is backed by Credit Suisse Asset Management, Hercules Technology Growth Capital, Chicago Growth Partners, Goldman Sachs Private Equity Opportunities Fund, Noro-Moseley Partners and Oakwood Medical Investors.
Warsaw, Ind. — Biomet, Inc., a global leader in the manufacture of musculoskeletal and biotechnology products, announced today that it has reached a definitive agreement to acquire Lanx, Inc., a full service spine company and a leader in minimally invasive techniques and technologies.
The pending acquisition would expand Biomet Spine’s technology portfolio through the addition of innovative products currently offered by Lanx, including the Timberline Lateral Approach Fusion System, and the Aspen Minimally Invasive Fusion System. These products are complementary to Biomet Spine’s comprehensive offering of products, including the Lineum OCT Spine System, MaxAn Anterior Cervical Plate System, Cellentra VCBM and the Polaris Translation Screw System.
The closing is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The boards of directors of both Biomet and Lanx have approved the transaction. The acquisition is expected to close on or before November 29, 2013.
Jeff Binder, Biomet President and CEO, stated, “This is an exciting opportunity for Biomet to improve its competitiveness in the spine market by leveraging the best aspects of each company and adding strategically important technologies to our product portfolio. We look forward to welcoming the talented Lanx team members and distributors to Biomet and working together to build our spine business.”
Dan Gladney, CEO of Lanx, Inc., stated, “Biomet Spine is the ideal home for the talent and technologies that Lanx has worked so hard to develop. The combination of these companies and their products will be a powerful force in the spine market of the future.”
Adam Johnson, President of Biomet Spine, Bone Healing & Microfixation, commented, “The agreement to acquire Lanx is a key step in the fulfillment of our strategic plan. The resulting increase in scale, expansion of our product portfolio and infusion of talent will accelerate our efforts to be the partner of choice in spine for distributor partners, hospitals and the spine surgeons we serve.”
For further information on Biomet Spine products, please visit http://www.biomet.com/spine.
Biomet, Inc. (www.biomet.com) and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Biomet’s product portfolio encompasses large joint reconstructive products, including orthopedic joint replacement devices, and bone cements and accessories; sports medicine, extremities and trauma products, including internal and external orthopedic fixation devices; spine and bone healing products, including spine hardware, spinal stimulation devices, and orthobiologics, as well as electrical bone growth stimulators; dental reconstructive products; and other products, including microfixation products and autologous therapies. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in approximately 90 countries.