05.27.15
Zimmer Holdings Inc. and Biomet Inc. have sold several key product lines to Italian orthopedic company Lima Corporate to satisfy the terms of the pair’s pending merger agreement.
Lima will purchase the Unicompartmental High Flex Knee from Zimmer Holdings Inc. and the Biomet Discovery Elbow System within the European Economic Area (EEA) and Switzerland, as well as the Biomet Vanguard Complete Knee System for Denmark and Sweden.
The agreement also transfers to Lima the non-exclusive rights for the manufacturing, marketing and sale of an exact copy of the Vanguard knee in Europe.
“With the launch of Physica, the acquisition of ZUK puts Lima on the map as a serious player in the knee market,” said Luigi Ferrari, CEO of Lima Corporate. “To be focused on our historical markets, we decided that the EEA and Switzerland markets would best fit our strategy.”
Lima specializes in the production of titanium and recently released its own total knee system, called Physica.
“This acquisition strategically creates value for Lima,” Lima Chairman Gabriele Lualdi said in a statement. “The combination of these products to our portfolio and the access to a new healthcare professional customer base will build on the success Lima already has in these selected markets.”
The agreement with Lima will become effective after the merger between Zimmer and Biomet closes. The termination date for Zimmer Holdings Inc.’s pending $13.4 billion merger with Biomet Inc. has been extended from April 24 to July 23.
The terms of the merger agreement allowed for either party to extend the termination date, or “outside date,” for an additional 90 days if regulatory clearances were yet to be obtained.
The European Commission in March cleared the transaction between the two Warsaw, Ind.-based companies, conditioned upon Zimmer’s sale of three businesses in Europe. The commission said at the time the asset sales would alleviate concerns that the deal could have raised orthopedic implant prices in some European countries. In the United States, the deal remains subject to Federal Trade Commission approval.
Lima will purchase the Unicompartmental High Flex Knee from Zimmer Holdings Inc. and the Biomet Discovery Elbow System within the European Economic Area (EEA) and Switzerland, as well as the Biomet Vanguard Complete Knee System for Denmark and Sweden.
The agreement also transfers to Lima the non-exclusive rights for the manufacturing, marketing and sale of an exact copy of the Vanguard knee in Europe.
“With the launch of Physica, the acquisition of ZUK puts Lima on the map as a serious player in the knee market,” said Luigi Ferrari, CEO of Lima Corporate. “To be focused on our historical markets, we decided that the EEA and Switzerland markets would best fit our strategy.”
Lima specializes in the production of titanium and recently released its own total knee system, called Physica.
“This acquisition strategically creates value for Lima,” Lima Chairman Gabriele Lualdi said in a statement. “The combination of these products to our portfolio and the access to a new healthcare professional customer base will build on the success Lima already has in these selected markets.”
The agreement with Lima will become effective after the merger between Zimmer and Biomet closes. The termination date for Zimmer Holdings Inc.’s pending $13.4 billion merger with Biomet Inc. has been extended from April 24 to July 23.
The terms of the merger agreement allowed for either party to extend the termination date, or “outside date,” for an additional 90 days if regulatory clearances were yet to be obtained.
The European Commission in March cleared the transaction between the two Warsaw, Ind.-based companies, conditioned upon Zimmer’s sale of three businesses in Europe. The commission said at the time the asset sales would alleviate concerns that the deal could have raised orthopedic implant prices in some European countries. In the United States, the deal remains subject to Federal Trade Commission approval.