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Biomet Inc. has announced plans for a joint venture with a major biomedical company based in Darmstadt, Germany.
Biomet has signed a letter of intent with Merck to establish a 50-50 joint venture in which each company will contribute their existing European orthopedic operations under the name Biomet-Merck.
Merck specializes in an extensive array of chemical, biological, pharmaceutical and othopedic technologies. Biomet is a major manufacturer of orthopedic products with a concentration in total joint replacement.
The German company had total revenues exceeding $4.2 billion in 1996.
The venture will provide Biomet with the exclusive right to license Merck's existing biomaterials-based orthopedic products for sale outside of Europe.
Biomet's chairman of the board, Niles Noblitt, will assume the role of chief executive officer of the venture.
