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Biomet and Merck KGaA, of Darmstadt, Germany, have entered into the joint venture for orthopedic products in Europe that was announced in May.
Under the 50-50 agreement, Biomet and Merck will contribute their existing European orthopedic operations. Merck will contribute chemical, biological, pharmaceutical and orthopedic technologies and products, and Biomet brings its orthopedic products and technologies.
Besides creating a major European orthopedic company, the agreement will give Biomet a right of first refusal to license Merck's existing biomaterials-based orthopedic products for sale outside of Europe.
Biomet's chairman of the board, Niles L. Noblitt, will be the CEO and managing director of the venture.
