Biomet

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Biomet, Inc.
Private
Industry Health Care
Founded Warsaw, IN, USA (1977)
Headquarters Warsaw, IN, USA
Key people
Jeff Binder, CEO
Products Oxford Partial Knee, LactoSorb
Owner Blackstone Group, Goldman Sachs, Kohlberg Kravis Roberts, TPG Capital
Number of employees
9,200 (2007)
Slogan One Surgeon. One Patient.
Website www.biomet.com

Biomet, Inc. is a medical device manufacturer located in the Warsaw, Indiana business cluster. The company specializes in reconstructive products for orthopedic surgery, neurosurgery, craniomaxillofacial surgery and operating room supplies.

History[edit]

Biomet was established in 1977 and delivered its first hip replacement in 1978. In a September 2007 club deal, the company was acquired by a consortium of private equity firms consisting of The Blackstone Group, Goldman Sachs, Kohlberg Kravis Roberts L.P. and TPG Capital, after which Biomet ceased trading on NASDAQ.[1] The four founders of Biomet were: Dane A. Miller, Ray Harroff, Niles Noblitt, and Jerry Ferguson.[citation needed]

In April 2014, it was announced that Zimmer Holdings had succeeded in a bid to acquire Biomet for a fee of $13.4 billion. However in October 2014, EU antitrust regulators opened an investigation into Zimmer’s bid on the grounds that the deal may lead to substantial decreases in competition in certain markets. [2] The verdict of the investigation into the deal that would make Zimmer the world's second-largest seller of orthopaedic products behind Johnson & Johnson is expected on 26 May 2015.[3]

Products[edit]

Biomet manufactures reconstructive products for orthopedic surgery like hips, knees and shoulders, fixation devices, orthopedic support devices. It also makes spinal implants and dental implants, as well as general operating instruments. Biomet Microfixation is a subsidiary of Biomet[citation needed] As of 2015 Biomet Microfixation manufactures mainly craniomaxillofacial and neurosurgical products.[4] These include LactoSorb, a fixation system made of completely resorbable material for guided bone regeneration, titanium plates and screws for craniomaxillofacial fixation, instruments for craniomaxillofacial and orthopedic procedures and hard tissue replacements made out of biocompatible polymers, as used in cranial defects. Biomet has used polymethylmethacrylate (PMMA) beads, which are fused together with polyhydroxyethylmethacrylate (PHEMA) for cranial plates since 1993.[5]:4 The other material is polyetherketoneketone (PEKK) formed either by laser sintering or by 3D printing.[6]

Misconduct[edit]

In 2012, Biomet paid more than $22 million to settle SEC and Department of Justice violations of the Foreign Corrupt Practices Act (FCPA). From 2000 to August 2008 Biomet bribed publicly employed doctors in Argentina, Brazil, and China with up to 15-20% of the sale. The four subsidiaries involved were Biomet Argentina SA, U.S. subsidiary Biomet International, Biomet China and Scandimed AB.[7]

References[edit]

  1. ^ Biomet acquired by Private Equity Consortium (Biomet) September 25, 2007
  2. ^ "EU regulators open extensive probe into Zimmer, Biomet deal" (Press release). Reuters. 3 October 2014. 
  3. ^ "EU regulators set new May 26 deadline for Zimmer's Biomet deal" (Press release). Reuters. Feb 10, 2015. 
  4. ^ Biomet Microfixation (Biomet) n.d.
  5. ^ "HTR-PMMA Patient-Matched Implant". Biomet. August 2013. p. 12. Retrieved 23 February 2015. 
  6. ^ "Neurosurgery Solutions: HTR-PEKK Patient-Matched Cranial Implant". Biomet. n.d. Retrieved 23 February 2015. 
  7. ^ "SEC Charges Medical Device Company Biomet with Foreign Bribery" (PRESS RELEASE). SEC. March 26, 2012. Retrieved 23 February 2015. 

External links[edit]