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Zimmer to Buy Biomet for $13.4 Billion Adding Orthopedics

Zimmer Holdings Inc., a maker of artificial hips and knees, agreed to acquire rival Biomet Inc. for $13.4 billion to become the second-largest company in the rebounding market for treating muscle and orthopedic injuries.

The purchase will end a planned initial public offering by closely held Biomet’s parent, Biomet Group Inc., Warsaw, Indiana-based Zimmer said today in a statement. It’s the latest in a spate of deals, led by Novartis AG and GlaxoSmithKline Plc, that show medical companies are adding depth and expertise as the focus on cost and innovation in health care intensifies.