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Zimmer to Buy Biomet In $13.35B Deal

Medical device maker Zimmer Holdings Inc said it would buy orthopedic products company Biomet Inc in a deal valued at about $13.35 billion to broaden its portfolio of products that treat bone and joint-related disorders.Zimmer shares jumped as much as 21.1 percent in premarket trade to $110.76.The acquisition is the latest in a flurry of deal-making and bids in the healthcare industry this week aimed at either gaining scale or specializing in certain disease areas.Among the deals, Novartis AG and GlaxoSmithKline Plc agreed to trade some $20 billion in assets, while Eli Lilly and Co agreed to buy Novartis's animal health business for $5.4 billion.Valeant Pharmaceuticals International Inc also made an unsolicited $47 billion bid for Botox-maker Allergan Inc.Biomet was taken private for $11.4 billion in 2007 by a private equity consortium when the medical device market was particularly strong on demand from an aging population for the artificial hips and knees that Biomet makes.The consor...

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