Biomet Inc. announced today that it has entered into a definitive agreement with Interpore International Inc. under which Biomet will acquire all of the outstanding common stock of Interpore for $14.50 per share, in cash, representing a total equity value of approximately $280 million.

Based in Irvine, Calif., Interpore focuses on providing innovative products for spinal surgery. Its three major product groups - spinal implant products, orthobiologic products and minimally invasive surgery products - are used by orthopedic surgeons and neurosurgeons in a wide range of applications. Interpore's net sales in 2003 were approximatley $67.5 million.

Dane A. Miller, Ph.D., Biomet's president and chief executive officer, said, "We are very excited about combining the Interpore organization with Biomet. Interpore's strong franchise in the spinal market will expand Biomet's presence in this clinically important and rapidly growing market segment. We will command a strong position in the spinal marketplace with revenues of approximately $200 million and a domestic sales force in excess of 400 individuals servicing our spinal surgeon and neurosurgeon customers."

The transaction has been approved by the boards of directors of both companies and is expected to close, subject to regulatory conditions, in the second quarter of calendar 2004. Biomet will pay the purchase price out of currently available cash and readily available short-term debt.

All of Biomet's financial information may be obtained on the Web at www.biomet.com or e-mail [email protected] [[In-content Ad]]