Biomet
| Company type | Private |
|---|---|
| Industry | Medical devices |
| Founded | 1977 |
| Founder | Dane A. Miller, Ray Harroff, Niles Noblitt, Jerry Ferguson |
| Fate | Merged with Zimmer Holdings to form Zimmer Biomet in 2015 |
| Headquarters | Warsaw , United States |
| Products | Orthopedic reconstructive devices (hip, knee, shoulder implants), spinal implants, dental implant systems, surgical tools, craniomaxillofacial and neurosurgical products |
| Parent | Zimmer Biomet (from 2015) |
Biomet, Inc. operated as a manufacturer of medical devices within the Warsaw industrial hub. The firm focused on producing reconstructive solutions for orthopedic surgery, neurosurgery, craniomaxillofacial procedures, along with various operating room essentials. In 2015, Biomet became part of Zimmer Biomet through a merger.
History
Established in 1977, Biomet introduced its inaugural hip replacement product in 1978. The enterprise was founded by four individuals: Dane A. Miller, Ray Harroff, Niles Noblitt, and Jerry Ferguson. In September 2007, a group of private equity investors—including The Blackstone Group, Goldman Sachs, Kohlberg Kravis Roberts L.P., and TPG Capital—completed a club deal purchase of Biomet, which resulted in the company's removal from the NASDAQ stock exchange.
In April 2014, Zimmer Holdings proposed a $13.4 billion acquisition offer for Biomet. Later that year, in October, European Union antitrust authorities initiated an inquiry due to concerns that the acquisition might diminish competition within critical markets. Following thorough regulatory evaluation, approval was granted in June 2015, establishing the combined entity as the second-largest global provider of orthopedic products after Johnson & Johnson.
Products
Biomet’s portfolio included orthopedic reconstructive devices such as hip, knee, and shoulder implants, fixation hardware, and support apparatuses. The company also manufactured spinal implants, dental implant systems, and general surgical tools. Its division Biomet Microfixation specialized in products for craniomaxillofacial and neurosurgical applications, featuring items like LactoSorb—a fully absorbable fixation technology designed for guided bone regeneration—as well as titanium plates and screws and biocompatible polymer substitutes for cranial defect repair. Since 1993, the firm employed polymethylmethacrylate (PMMA) beads integrated with polyhydroxyethylmethacrylate (PHEMA) to produce cranial plates. Additionally, polyetherketoneketone (PEKK), fabricated by laser sintering or additive manufacturing (3D printing), was a significant material in their product range.
Misconduct
In 2012, Biomet resolved allegations brought by the SEC and Department of Justice by paying fines exceeding $22 million related to breaches of the Foreign Corrupt Practices Act (FCPA). From 2000 through 2008, the company engaged in bribery involving government-employed physicians in Argentina, Brazil, and China by providing commissions ranging from 15 to 20 percent on sales transactions. The implicated subsidiaries included Biomet Argentina SA, Biomet International (U.S.), Biomet China, and Scandimed AB.
A subsequent FCPA violation surfaced in 2017 following investigations initiated in 2013. These cases were notable as they represented the first instance where a whistleblower received financial remuneration from the SEC for exposing wrongdoing that led to successful legal action.
External links
- Biomet official website
- Biomet Spine Website
- Biomet Directory of orthopedic surgeons
- Simon, Hermann: Hidden Champions of the 21st Century: Success Strategies of unknown World Market Leaders. London: Springer, 2009. (references Biomet as a "Hidden Champion")