Biomet Takes Bite Into Dental Implant Market
July 28, 2016 at 4:25 p.m.
With an eye on expanding its product line and increasing its share of a $10 billion per year market, Biomet Inc. announced Monday an agreement to acquire Implant Innovations Inc.
According to Dane Miller, Ph.D., Biomet president and chief executive officer, the $175 million stock-swap deal is Biomet's largest acquisition.
"This is the largest acquisition in Biomet's history and we welcome Keith D. Beaty and Dr. Richard Lazzara, as well as the approximately 400 team members of 3I," Miller said. "3I's strong direct distribution network in the United States and Europe, in addition to its presence in other major international markets, provides an excellent complement to Biomet's expanding orthopedic and craniomaxillofacial product lines, and positions us to capitalize on product and marketing opportunities in the $10 billion worldwide market for musculoskeletal implants and accessories.
"Moreover, the combination will provide 3I with greater resources to facilitate its future growth plans in the burgeoning dental implant market," Miller added.
Founded in Palm Beach Gardens, Fla., in 1987 by Beaty and Lazzara, 3I is a leader in the $575 million dental implant market, and generated approximately $70 million in revenue in 1998. It designs, manufactures and markets a comprehensive line of dental implant products that offer an alternative to crowns and bridges. A dental implant is a small titanium screw that is surgically implanted into the jaw and serves as the foundation for a replacement tooth.
"The fit with Biomet is tremendous," said Beaty, 3I's president and chief executive officer. "We will benefit from Biomet's expertise and broad platform in biomaterials research and medical device technologies.
"We have created a leading dental implant company and we are excited about the possibilities of the combination with Biomet to advance our position within the global dental implant marketplace," he added. "We think this combination will benefit clinicians utilizing the 3I system by providing products and services backed by the synergies of a leading medical technology team."
Biomet, based in Warsaw, and its subsidiaries design, manufacture and market products used primarily by orthopedic medical specialists in both surgical and nonsurgical therapy. It currently distributes its products in approximately 100 countries.
Biomet Inc. shares closed down one quarter on the NASDAQ stock market Monday, at 35-7/16 per share. [[In-content Ad]]
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With an eye on expanding its product line and increasing its share of a $10 billion per year market, Biomet Inc. announced Monday an agreement to acquire Implant Innovations Inc.
According to Dane Miller, Ph.D., Biomet president and chief executive officer, the $175 million stock-swap deal is Biomet's largest acquisition.
"This is the largest acquisition in Biomet's history and we welcome Keith D. Beaty and Dr. Richard Lazzara, as well as the approximately 400 team members of 3I," Miller said. "3I's strong direct distribution network in the United States and Europe, in addition to its presence in other major international markets, provides an excellent complement to Biomet's expanding orthopedic and craniomaxillofacial product lines, and positions us to capitalize on product and marketing opportunities in the $10 billion worldwide market for musculoskeletal implants and accessories.
"Moreover, the combination will provide 3I with greater resources to facilitate its future growth plans in the burgeoning dental implant market," Miller added.
Founded in Palm Beach Gardens, Fla., in 1987 by Beaty and Lazzara, 3I is a leader in the $575 million dental implant market, and generated approximately $70 million in revenue in 1998. It designs, manufactures and markets a comprehensive line of dental implant products that offer an alternative to crowns and bridges. A dental implant is a small titanium screw that is surgically implanted into the jaw and serves as the foundation for a replacement tooth.
"The fit with Biomet is tremendous," said Beaty, 3I's president and chief executive officer. "We will benefit from Biomet's expertise and broad platform in biomaterials research and medical device technologies.
"We have created a leading dental implant company and we are excited about the possibilities of the combination with Biomet to advance our position within the global dental implant marketplace," he added. "We think this combination will benefit clinicians utilizing the 3I system by providing products and services backed by the synergies of a leading medical technology team."
Biomet, based in Warsaw, and its subsidiaries design, manufacture and market products used primarily by orthopedic medical specialists in both surgical and nonsurgical therapy. It currently distributes its products in approximately 100 countries.
Biomet Inc. shares closed down one quarter on the NASDAQ stock market Monday, at 35-7/16 per share. [[In-content Ad]]