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 Nov. 29.
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.”
Source: Inside INdiana Business