Biomet: Difference between revisions
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{{Short description|American medical device manufacturer}} |
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{{Infobox company |
{{Infobox company |
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| name = Biomet, Inc. |
| name = Biomet, Inc. |
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| type = [[Private company|Private]] |
| type = [[Private company|Private]] |
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| foundation = [[Warsaw, Indiana|Warsaw]], [[Indiana|IN]], [[United States|USA]] (1977) |
| foundation = [[Warsaw, Indiana|Warsaw]], [[Indiana|IN]], [[United States|USA]] (1977) |
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| location = [[Warsaw]], [[Indiana|IN]], USA |
| location = [[Warsaw, Indiana|Warsaw]], [[Indiana|IN]], USA |
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| key_people = |
| key_people = Dane Miller, Founder |
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| num_employees = 9,200 (2007) |
| num_employees = 9,200 (2007) |
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| industry = [[Health Care]] |
| industry = [[Health Care]] |
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}} |
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'''Biomet, Inc.''' was a [[medical device]] manufacturer located in the [[Warsaw, Indiana]] [[business cluster]]. The company specialized in reconstructive products for orthopedic surgery, neurosurgery, [[craniomaxillofacial]] surgery and operating room supplies. |
'''Biomet, Inc.''', was a [[medical device]] manufacturer located in the [[Warsaw, Indiana]], [[business cluster]]. The company specialized in reconstructive products for orthopedic surgery, neurosurgery, [[craniomaxillofacial]] surgery and operating room supplies. In 2015, Biomet became part of the new company [[Zimmer Biomet]].<ref>[https://www.wsj.com/articles/zimmer-biomet-makes-post-merger-senior-management-changes-1435355604 "Zimmer Biomet Makes Post-Merger Senior Management Changes", ''Wall Street Journal'', 26 June 2015]. Accessed 29 June 2015</ref> |
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==History== |
==History== |
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Biomet was established in 1977 and delivered its first hip replacement in 1978. The four founders of Biomet were: [[Dane A. Miller]],<ref>{{Cite news|url=https://www.wthr.com/article/biomet-founder-dane-miller-dies-at-69|title=Biomet founder Dane Miller dies at 69|date=2015-02-10|work=13 WTHR Indianapolis|access-date=2018-04-30|language=en}}</ref> Ray Harroff, Niles Noblitt, and Jerry Ferguson.<ref>{{Cite web|url=https://ryortho.com/2015/02/dane-miller-ph-d-passes-away/|title=The Passing of Dane Miller {{!}} Orthopedics This Week|website=ryortho.com|access-date=2018-04-30}}</ref> In a September 2007 [[club deal]], the company was acquired by a consortium of [[private equity]] firms consisting of [[The Blackstone Group]], [[Goldman Sachs]], [[Kohlberg Kravis Roberts]] L.P. and [[TPG Capital]], after which Biomet ceased trading on [[NASDAQ]].<ref>[http://www.biomet.com/corporate/investors/biometAcquired.cfm Biomet acquired by Private Equity Consortium] (Biomet) September 25, 2007</ref> |
Biomet was established in 1977 and delivered its first hip replacement in 1978. The four founders of Biomet were: [[Dane A. Miller]],<ref>{{Cite news|url=https://www.wthr.com/article/biomet-founder-dane-miller-dies-at-69|title=Biomet founder Dane Miller dies at 69|date=2015-02-10|work=13 WTHR Indianapolis|access-date=2018-04-30|language=en}}</ref> Ray Harroff, Niles Noblitt, and Jerry Ferguson.<ref>{{Cite web|url=https://ryortho.com/2015/02/dane-miller-ph-d-passes-away/|title=The Passing of Dane Miller {{!}} Orthopedics This Week|website=ryortho.com|access-date=2018-04-30}}</ref> In a September 2007 [[club deal]], the company was acquired by a consortium of [[private equity]] firms consisting of [[The Blackstone Group]], [[Goldman Sachs]], [[Kohlberg Kravis Roberts]] L.P. and [[TPG Capital]], after which Biomet ceased trading on [[NASDAQ]].<ref>[http://www.biomet.com/corporate/investors/biometAcquired.cfm Biomet acquired by Private Equity Consortium] (Biomet) September 25, 2007</ref> |
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In April 2014, it was announced that [[Zimmer Holdings]] had succeeded in a bid to acquire Biomet for a fee of $13.4 billion. However, in October 2014, EU antitrust regulators opened an investigation into |
In April 2014, it was announced that [[Zimmer Holdings]] had succeeded in a bid to acquire Biomet for a fee of $13.4 billion. However, in October 2014, EU antitrust regulators opened an investigation into Zimmer's bid on the grounds that the deal may lead to substantial decreases in competition in certain markets.<ref>{{cite press release| publisher=Reuters| date=3 October 2014| title=EU regulators open extensive probe into Zimmer, Biomet deal| url=https://www.reuters.com/article/us-biomet-m-a-zimmer-hldgs-eu-idUSKCN0HS19I20141003| access-date=30 June 2017| archive-date=24 September 2015| archive-url=https://web.archive.org/web/20150924205028/http://www.reuters.com/article/2014/10/03/us-biomet-m-a-zimmer-hldgs-eu-idUSKCN0HS19I20141003| url-status=live}}</ref> The verdict of the investigation into the deal that would make Zimmer the world's second-largest seller of orthopaedic products behind [[Johnson & Johnson]] allowed the merger to take place in June 2015.<ref>{{cite press release | publisher=Reuters| date=Feb 10, 2015| title=EU regulators set new May 26 deadline for Zimmer's Biomet deal| url=http://uk.reuters.com/article/biomet-ma-zimmer-eu-idUKL5N0VK56920150210| archive-url=https://web.archive.org/web/20160307225019/http://uk.reuters.com/article/biomet-ma-zimmer-eu-idUKL5N0VK56920150210| url-status=dead| archive-date=March 7, 2016}}</ref> |
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==Products== |
==Products== |
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==Misconduct == |
==Misconduct == |
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In 2012, Biomet paid more than $22 million to settle [[U.S. Securities and Exchange Commission|SEC]] and [[United States Department of Justice|Department of Justice]] violations of the [[Foreign Corrupt Practices Act]] (FCPA). From 2000 to August 2008 Biomet bribed publicly employed doctors in Argentina, Brazil, and China with up to 15-20% of the sale. The four subsidiaries involved were Biomet Argentina SA, U.S. subsidiary Biomet International, Biomet China and Scandimed AB.<ref name=sec>{{cite web|title=SEC Charges Medical Device Company Biomet with Foreign Bribery|url=https://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171487958#.VOsDayxcD2o|publisher=SEC|accessdate=23 February 2015|format=press release|date=March 26, 2012}}</ref> |
In 2012, Biomet paid more than $22 million to settle [[U.S. Securities and Exchange Commission|SEC]] and [[United States Department of Justice|Department of Justice]] violations of the [[Foreign Corrupt Practices Act]] (FCPA). From 2000 to August 2008 Biomet bribed publicly employed doctors in Argentina, Brazil, and China with up to 15-20% of the sale. The four subsidiaries involved were Biomet Argentina SA, U.S. subsidiary Biomet International, Biomet China and Scandimed AB.<ref name=sec>{{cite web|title=SEC Charges Medical Device Company Biomet with Foreign Bribery|url=https://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171487958#.VOsDayxcD2o|publisher=SEC|accessdate=23 February 2015|format=press release|date=March 26, 2012}}</ref> |
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Incomplete section. In 2017 Biomet was again convicted. This second conviction was backed by another violation of the FCPA that was discovered in 2013.<ref>{{Cite news|date=2017-07-21|title=Mid-Year FCPA Enforcement Report|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/mid-year-fcpa-enforcement-report-1500631813|access-date=2021-08-12|issn=0099-9660}}</ref> |
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These violations are also correlated with the first time a whistleblower received monetary compensation for reporting an entity to the SEC that led to a successful conviction. |
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==References== |
==References== |
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{{Kohlberg Kravis Roberts}} |
{{Kohlberg Kravis Roberts}} |
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[[Category:Companies based in Indiana]] |
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[[Category:Kosciusko County, Indiana]] |
[[Category:Kosciusko County, Indiana]] |
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[[Category:Privately held companies based in Indiana]] |
[[Category:Privately held companies based in Indiana]] |
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Latest revision as of 18:51, 12 September 2024
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| Company type | Private |
|---|---|
| Industry | Health Care |
| Founded | Warsaw, IN, USA (1977) |
| Headquarters | Warsaw, IN, USA |
Key people | Dane Miller, Founder |
| Products | Oxford Partial Knee, LactoSorb |
| Owner | Blackstone Group, Goldman Sachs, Kohlberg Kravis Roberts, TPG Capital |
Number of employees | 9,200 (2007) |
| Website | www.biomet.com |
Biomet, Inc., was a medical device manufacturer located in the Warsaw, Indiana, business cluster. The company specialized in reconstructive products for orthopedic surgery, neurosurgery, craniomaxillofacial surgery and operating room supplies. In 2015, Biomet became part of the new company Zimmer Biomet.[1]
History
[edit]Biomet was established in 1977 and delivered its first hip replacement in 1978. The four founders of Biomet were: Dane A. Miller,[2] Ray Harroff, Niles Noblitt, and Jerry Ferguson.[3] In a September 2007 club deal, the company was acquired by a consortium of private equity firms consisting of The Blackstone Group, Goldman Sachs, Kohlberg Kravis Roberts L.P. and TPG Capital, after which Biomet ceased trading on NASDAQ.[4]
In April 2014, it was announced that Zimmer Holdings had succeeded in a bid to acquire Biomet for a fee of $13.4 billion. However, in October 2014, EU antitrust regulators opened an investigation into Zimmer's bid on the grounds that the deal may lead to substantial decreases in competition in certain markets.[5] The verdict of the investigation into the deal that would make Zimmer the world's second-largest seller of orthopaedic products behind Johnson & Johnson allowed the merger to take place in June 2015.[6]
Products
[edit]Biomet manufactured reconstructive products for orthopedic surgery, such as hips, knees and shoulders, fixation devices, orthopedic support devices. It also made spinal implants, dental implants, and general operating instruments. Its subsidiary, Biomet Microfixation, manufactured mainly craniomaxillofacial and neurosurgical products.[7] These included LactoSorb, a fixation system made of completely resorbable material for guided bone regeneration, titanium plates and screws for craniomaxillofacial fixation, instruments for craniomaxillofacial and orthopedic procedures and hard tissue replacements made out of biocompatible polymers, as used in cranial defects. Biomet began using polymethylmethacrylate (PMMA) beads, which are fused together with polyhydroxyethylmethacrylate (PHEMA) for cranial plates, in 1993.[8]: 4 The other material is polyetherketoneketone (PEKK), formed either by laser sintering or by 3D printing.[9]
Misconduct
[edit]In 2012, Biomet paid more than $22 million to settle SEC and Department of Justice violations of the Foreign Corrupt Practices Act (FCPA). From 2000 to August 2008 Biomet bribed publicly employed doctors in Argentina, Brazil, and China with up to 15-20% of the sale. The four subsidiaries involved were Biomet Argentina SA, U.S. subsidiary Biomet International, Biomet China and Scandimed AB.[10]
Incomplete section. In 2017 Biomet was again convicted. This second conviction was backed by another violation of the FCPA that was discovered in 2013.[11]
These violations are also correlated with the first time a whistleblower received monetary compensation for reporting an entity to the SEC that led to a successful conviction.
References
[edit]- ^ "Zimmer Biomet Makes Post-Merger Senior Management Changes", Wall Street Journal, 26 June 2015. Accessed 29 June 2015
- ^ "Biomet founder Dane Miller dies at 69". 13 WTHR Indianapolis. 2015-02-10. Retrieved 2018-04-30.
- ^ "The Passing of Dane Miller | Orthopedics This Week". ryortho.com. Retrieved 2018-04-30.
- ^ Biomet acquired by Private Equity Consortium (Biomet) September 25, 2007
- ^ "EU regulators open extensive probe into Zimmer, Biomet deal" (Press release). Reuters. 3 October 2014. Archived from the original on 24 September 2015. Retrieved 30 June 2017.
- ^ "EU regulators set new May 26 deadline for Zimmer's Biomet deal" (Press release). Reuters. Feb 10, 2015. Archived from the original on March 7, 2016.
- ^ Biomet Microfixation (Biomet) n.d.
- ^ "HTR-PMMA Patient-Matched Implant". Biomet. August 2013. p. 12. Retrieved 23 February 2015.
- ^ "Neurosurgery Solutions: HTR-PEKK Patient-Matched Cranial Implant". Biomet. n.d. Retrieved 23 February 2015.
- ^ "SEC Charges Medical Device Company Biomet with Foreign Bribery" (press release). SEC. March 26, 2012. Retrieved 23 February 2015.
- ^ "Mid-Year FCPA Enforcement Report". Wall Street Journal. 2017-07-21. ISSN 0099-9660. Retrieved 2021-08-12.
External links
[edit]- Biomet official website
- Biomet Spine Website
- Biomet Directory of orthopedic surgeons who use Biomet products
- Simon, Hermann: Hidden Champions of the 21st Century : Success Strategies of unknown World Market Leaders. London: Springer, 2009. ISBN 978-0-387-98147-5. (mentions company as an example of a "Hidden Champion")
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