Dec. 4, 2014, 10:37 AM
- In an effort to facilitate its approval of its planned acquisition of Biomet, Zimmer Holdings (ZMH -0.1%) proposes a remedy package to the European Commission (EC). It includes the divestiture of one unicompartmental knee brand and one elbow brand in the European Economic Area (EEA) and one total knee brand in two EEA countries.
- The EC will market test the remedy package in the coming days. Meanwhile, it has "stopped the clock" on its review of the merger. Zimmer expects the transaction to close in Q1 2015.
- Previously: EC extends review period for Zimmer/Biomet deal (Nov. 18, 2014)
- Previously: Zimmer to acquire Biomet for $13.35B (April 24, 2014)
Nov. 18, 2014, 12:22 PM
- Zimmer Holdings (ZMH +0.6%) agrees with the European Commission on an extension of the deadline to review its proposed acquisition of Biomet (Pending:BMET) by a limited number of days in order that Zimmer can provide the EC with additional (unspecified) information. The original deadline was March 11, 2015.
- Zimmer announced the $13.35B merger on April 24, 2014. It continues to expect the deal to close in Q1 2015.
- Previously: More on Zimmer/Biomet: Companies had combined 2013 revenue of $7.8B
- Previously: Zimmer to acquire Biomet for $13.35B
- Previously: EU competition watchdog to decide on Zimmer, Biomet deal by early next month
Oct. 23, 2014, 8:05 AM
- Zimmer Holdings (NYSE:ZMH) Q3 results ($M): Revenues: 1,106.0 (+3.0%); Gross Profit: 807.7 (+8.3%); R&D Expense: 46.1 (-6.7%); SG&A Expense: 443.5 (+9.9%); Operating Income: 251.2 (+18.7%); Net Income: 165.5 (+7.2%); EPS: 0.96 (+6.7%); Quick Assets: 1,747.1 (-3.3%); CF Ops: 255.7.
- Revenue By Geographic Segment: Americas: 637.9 (+0.8%); Europe: 270.7 (+6.2%); Asia Pacific: 197.4 (+5.9%).
- Revenue By Product Category: Reconstructive: 823.8 (+4.5%), Knees: 461.4 (+6.2%), Hips: 315.6 (+2.4%); Extremities: 46.8 (+2.9%); Dental: 53.9 (-2.2%); Trauma: 77.8 (-0.9%); Spine: 51.0 (+6.3%); Surgical & Other: 99.5 (-4.7%).
- 2014 Guidance: Revenue growth: ~2.25% from 2.0 - 3.0%; EPS: ~$4.65 from $4.65 - 4.75; non-GAAP EPS: ~$6.05 from $6.00 - 6.10.
Oct. 23, 2014, 7:33 AM
Oct. 19, 2014, 6:37 PM
Oct. 7, 2014, 11:57 AM
- BC, Canada-based Xenon Pharmaceuticals (XENE) is set for its IPO of 4M shares at $10 -12.
- The clinical-stage biopharmaceutical firm discovers and develops differentiated therapeutics for orphan indications based on its Extreme Genetics platform. It focuses its discovery efforts on rare human diseases with extreme traits, including diseases caused by mutations in ion channels.
- The Extreme Genetics platform yielded the first gene therapy product approved in the EU, uniQure's (QURE +1.5%) Glybera (alipogene tiparvovec) for the treatment of adult patients with familial lipoprotein lipase deficiency.
- Its pharma partners include (TEVA -0.3%), Genentech (OTCQX:RHHBY -2.5%) and Merck (MRK -1.2%). Collaborations have generated over $140M in revenue to Xenon so far. Future milestone payments could potentially surpass $1B.
- The company's lead product is TV-45070 for the treatment of osteoarthritis of the knee. A 300-patient Phase 2b clinical trail run by Teva subsidiary Ivax International GmbH is underway.
- A second product candidate, GDC-0276, for the treatment of pain is being developed in collaboration with Genentech. A Phase 1 study commenced in September 2014.
- Osteoarthritis of the knee-related tickers: (AMPE +0.3%)(FLXN -4.6%)(ANIK -1.2%)(ZMH -0.7%)
Sep. 1, 2014, 10:59 AM
- Zimmer Holdings (NYSE:ZMH) will hear back from EU antitrust authorities by Oct. 3 over whether or how it will be allowed to pursue its $13.4B takeover of rival Biomet (Pending:BMET).
- Zimmer originally sought approval in June, but the EU regulator paused the review because the company's submission was lacking details.
Aug. 26, 2014, 7:16 AM
Jul. 24, 2014, 1:04 PM
- Zimmer Holdings (ZMH -3.5%) Q2 results: Net Sales: $1,182.9M (+1.1%), Reconstructive: $890.4M (+2.6%), Dental: $61.1M (-0.5%), Trauma: $78.8M (+6.3%), Spine: $52.2M (-3.7%), Surgical & Other: $100.4M (-10.2%); COGS: $333.2 (+3.0%); Gross Profit: $849.7M (+0.4%); R&D Expense: $48.1M (-12.4%); SG&A Expense: $455.8M (0.5%); Operating Income: $259.3M (+23.2%); Net Income: $176.1M (+16.1%); EPS: $1.03 (+15.7%); Quick Assets: $1,698.0M (-6.1%); CF Ops (1H): $442.9M (+19.6%).
- 2014 Guidance: revenue growth: 2.0 - 3.0% from 3.0 - 5.0%; diluted GAAP EPS: $4.65 - 4.75 from $4.90 - 5.10; diluted non-GAAP EPS: $6.00 - 6.10 from $6.00 - 6.20.
Jul. 24, 2014, 7:37 AM
May 23, 2014, 7:04 AM
Apr. 24, 2014, 12:46 PM
Apr. 24, 2014, 9:28 AM
Apr. 24, 2014, 7:43 AM
- Zimmer (ZMH) says the transaction will "position the combined company as a leader in the $45B musculoskeletal industry," adding that "the complementary nature of the two businesses adds diversity and scale across various geographies and product categories."
- Zimmer expects the purchase to be "double-digit accretive" to its EPS in the first year after closing, and to boot its cash flow from operations by 1.5 times. The company also forecasts annual synergies of $135M in the first year and $270M by the third year.
- The combined 2013 revenues of the companies were $7.8B and adjusted EBITDA was $2.8B.
- Zimmer will pay $10.35B in cash and the rest in shares. The company will help fund the deal with a $3B senior unsecured term loan and newly issued senior notes.
- Zimmer shares continue to climb and are +11.5%. (PR)
- Zimmer Q1 earnings
Apr. 24, 2014, 7:21 AM
Apr. 24, 2014, 7:20 AM
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Zimmer Biomet Holdings Incis engaged in designing, manufacturing & marketing orthopaedic reconstructive products; sports medicine, biologics, extremities & trauma products; spine, bone healing, craniomaxillofacial & thoracic products &dental implants.
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