a

Is Biomet Next to Form IPO? Featured

Written by  Ellie Rizzo | Friday, 14 February 2014 10:08
Social sharing

 

Warsaw, Ind.-based Biomet, an orthopedic device manufacturer, appears to be in talks with banks about forming an initial public offering, according to a report from the Wall Street Journal.

The company was taken private in 2007 for $11.3 billion by Blackstone Group, DDR & Co., TPG and Goldman Sachs Group, with each company contributing $1.3 billion and the rest covered with new debt, $5.9 billion of which is still on Biomet's balance sheets, according to securities filings.

 

Biomet is currently seeking underwriters for an IPO that will raise approximately $1 billion for its return to being publically traded. Recently, other companies returning to public trading after being taken private before the 2008 financial crisis have been popular with investors, despite carrying large debt loads, according to the report.

 

For the quarter ending Nov. 30, Biomet posted a profit and higher sales, with knee device sales up 6.6 percent and hip sales up 2.3 percent, according to a company statement.

More Articles on Devices & Implants:

Bioventus Names VP of Global Marketing

Aurora Spine Appoints New VP of Sales

ArthroCare Revenue Up in 4Q

 

Last modified on Friday, 14 February 2014 10:13
© Copyright ASC COMMUNICATIONS 2011. Interested in LINKING to or REPRINTING this content? View our policies here.

New from Becker's Orthopedic & Spine Review

Mainstay Medical expands clinical trial sites for ReActiv8

Read Now