In a blockbuster agreement that could reshape the orthopedic product industry, Zimmer Holdings Inc. has purchased Biomet Inc. The deal, which had been temporarily held up due to asset divestment, closed on Wednesday.
The combined company will go forward under the name Zimmer Biomet Holdings, and is positioned to be a leader in the musculoskeletal market.
"The coming together of Zimmer and Biomet is a momentous achievement. We are excited to move forward as one company and to pursue new opportunities that benefit patients, health care professionals and employees around the globe," said David Dvorak, CEO of Zimmer Biomet, in a statement.
Zimmer Holdings sold certain knee implants, total elbow implants, and bone cement, in order for the FTC to approve the acquisition.
The deal is expected to spur innovation within the company and also enable it to reach new markets in the musculoskeletal sector, which is currently estimated to be a $45 billion market.
