Biomet

Biomet was established in 1977 and delivered its first hip replacement in 1978. The four founders of Biomet were: Dane A. Miller,{{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}} Ray Harroff, Niles Noblitt, and Jerry Ferguson.{{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}} 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.[http://www.biomet.com/corporate/investors/biometAcquired.cfm Biomet acquired by Private Equity Consortium] (Biomet) September 25, 2007

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.{{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}} 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.{{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}}

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.[http://www.biomet.com/microfixation/ Biomet Microfixation] (Biomet) n.d. 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.{{cite web|title=HTR-PMMA Patient-Matched Implant|url=http://www.biomet.com/microfixation/getFile.cfm?id=3144&rt=inline|publisher=Biomet|accessdate=23 February 2015|pages=12|date=August 2013}}{{rp|4}} The other material is polyetherketoneketone (PEKK), formed either by laser sintering or by 3D printing.{{cite web|title=Neurosurgery Solutions: HTR-PEKK Patient-Matched Cranial Implant|url=http://www.biomet.com/microfixation/products.cfm?pdid=9&majcid=31&prodid=402|publisher=Biomet|accessdate=23 February 2015|date=n.d.}}

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.{{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}}

Incomplete section. In 2017 Biomet was again convicted. This second conviction was backed by another violation of the FCPA that was discovered in 2013.{{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}}

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.

{{Reflist}}

• [http://www.biomet.com Biomet official website]
• [http://www.biomet.com/spine/ Biomet Spine Website]
• [https://web.archive.org/web/20090603202128/http://www.biomet.com/patients/findadoc/index.cfm 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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Category:Kosciusko County, Indiana

Category:Privately held companies based in Indiana

Category:Private equity portfolio companies

Category:Kohlberg Kravis Roberts companies