A Medical Device Daily

Orthopedic device maker Biomet (Warsaw, Indiana) reported the completion of its $11.4 billion merger with LVB Acquisition Merger Sub, a subsidiary of LVB Acquisition.

LVB Acquisition is indirectly owned by investment partnerships directly or indirectly advised or managed by the Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts & Co. and TPG.

Biomet shareholders will receive $46 in cash, without interest and less any required withholding taxes, for each outstanding Biomet common share. The deal price was sweetened from the initial price of $44 a share in June after several institutional shareholders threatened to withhold their shares from the merger, claiming a marginal takeover premium associated with the deal (Medical Device Daily, June 8, 2007).

The company’s common shares were to cease trading on NASDAQ at market close yesterday.

Biomet first agreed to the private buyout in December (MDD, Dec. 20, 2006).

Biomet’s product portfolio encompasses reconstructive products, including orthopedic joint replacement devices, bone cements and accessories, autologous therapies and dental reconstructive implants; fixation products, including electrical bone growth stimulators, internal and external orthopedic fixation devices, craniomaxillofacial implants and bone substitute materials; spinal products, including spinal stimulation devices, spinal hardware and orthobiologics; and other products, such as arthroscopy products and softgoods and bracing products.

Artes Medical (San Diego) reported that BioForm Medical (San Mateo, California) has elected to pre-pay all future royalty obligations to Artes by making two payments totaling $5.5 million. These payments will replace any future royalty obligation of BioForm to Artes under the Oct. 31, 2005, settlement and license agreement between the companies.

Previously, BioForm settled a patent infringement suit with Artes and Martin Lemperle, MD, one of Artes’ founders regarding Radiesse and Coaptite (MDD, Nov. 2, 2005). Artes granted BioForm an exclusive license under certain Artes patents to make and sell implant products containing calcium hydoxylapatite particles, including BioForm’s Coaptite and Radiesse products and a non-exclusive license under the same patents to make and sell certain other non-polymeric implant products.

Artes develops aesthetic injectable products for the dermatology and plastic surgery markets. Its ArteFill is an FDA-approved non-resorbable injectable dermal filler for the correction of facial wrinkles known as smile lines or nasolabial folds.

In other dealmaking news: LeMaitre Vascular (Burlington, Massachusetts) a medical devices firm, reported that it has acquired the Vascular Architects (Nashville, Tennessee) unit of The Wallace Enterprises for $2.8 million.

The business consists of six surgical and endovascular tools used in the treatment of blocked arteries in the limbs.

LeMaitre said the acquisition price was 60% higher than Vascular’s net revenue for the past 12 months, or $1.8 million. Due to the purchase, LeMaitre increased its earnings guidance for 2007 from $39.8 million to $41.3 million.

LeMaitre, which develops vascular devices and implants, reported a net 2006 loss of $1.2 million on revenue of $34.6 million. The firm employs 218 workers.