agreed to acquire
, adding a group of spine products to its portfolio of surgical devices.
Biomet will acquire all outstanding common shares of Interpore for $14.50 each in cash, for a total transaction value of about $280 million. The companies said the price represents a 26% premium over Interpore's 30-day per share trading average.
Interpore was recently fetching $14.34 on Instinet, up $2, or 16%, from its Friday close.
Biomet said the deal gives it a solid position in the spinal marketplace with revenue of about $200 million and a domestic salesforce of more than 400 servicing spinal surgeons and neurosurgeons.