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In Orthopedics, Consolidation's Aftershocks

Following significant consolidation in 1998, orthopedic industry executives are bracing for more deal-making. A handful of deals in 1999 suggest continued consolidation, but the modesty of the deals also implies that consolidation is unlikely at such an aggressive pace.

Even after the tremendous consolidation of 1998, many orthopedic industry executives are betting on more. The big deals will likely involve Bristol-Myers Squibb Co. subsidiary Zimmer Inc., widely rumored to be on the block, and either Smith & Nephew PLC or Sulzer Medica Ltd. , two companies in the middle of the market-share pack who have made clear their intentions to grow their orthopedic businesses, particularly in total joints. Another possible consolidation player: spinal company Surgical Dynamics Inc. , now a Tyco International Ltd. business after that company's acquisition last year of United States Surgical Corp.[See Deal]. Tyco officials have hinted that they will either have to significantly increase their presence in orthopedics or get out altogether, because holding on with a single orthopedic business isn't viable.

Until those bigger deals take place, however, what deal-making occurs in orthopedics is likely to be small, such as Encore...

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