Musculoskeletal product-maker Biomet has put in a binding bid of $280 million, cash, for the global trauma business of Johnson & Johnson’s DePuy, which makes artificial joints and other orthopedic devices.
The transaction will greatly expand Biomet’s presence in sports, extremities and trauma markets, Biomet said in a news release. The sale is subject to regulatory approvals, which Biomet expects to win by June 1.
Multiple news outlets noted that the announcement comes as Johnson & Johnson seeks to finalize a $21.3 billion purchase of Synthes, a Swiss manufacturer of musculoskeletal products—an acquisition under investigation by European authorities for concerns over monopoly.
“We believe this divestiture will satisfy all regulatory concerns relating to the pending purchase of Synthes by Johnson & Johnson, but we will not know with certainty until the regulatory processes in the EU and US are completed,” Johnson & Johnson said in a prepared statement April 3. “We continue to make progress in our work with antitrust authorities on the Synthes transaction.”
Biomet and DuPuy are both based in Warsaw, Ind.