Jeff Binder has his new assignment from one of the private investment firms that brought him in 2007 to run Biomet, Inc. after the company went private.
Binder will not be following Biomet private investment banker Blackstone Group LP, to China to run the bank’s newly acquired Chinese orthopedic business, Xingrong Best Medical Instruments Co., as we wondered last September.
Immucor, Inc.
Instead, he will follow another Biomet private investment bank, TPG Capital, to Georgia-based Immucor, Inc. and replace current Immucor CEO, William A. Hawkins III. Hawkins went to Immucor after Medtronic, Inc., decided to replace him with Omar Ishrak. A June 29, 2015 press release from Immucor stated that Hawkins will assume the role of “Lead Director” of the company’s board of directors.
Todd Sisitsky, head of TPG’s North America business, said, “We are extremely grateful to Bill [Hawkins] for his leadership of Immucor over the past four years. During Bill’s tenure, the company has expanded globally, entered transplant medicine, resolved the legacy FDA NOIR [Notice of Intent to Revoke], introduced breakthrough molecular technologies, and built a rich pipeline of diagnostic assays and systems.”
Binder’s Reported $45 Million Biomet Payday
Binder said he “thoroughly enjoyed” working with the TPG team during his tenure at Biomet, and knows that “together we can form another successful partnership at Immucor.” He reportedly received $45 million, primarily in stock awards, when Zimmer Holdings, Inc. acquired Biomet.
Before Biomet, Binder was senior vice president of the diagnostic operations of Abbott Laboratories, president of Abbott Spine, and president and CEO of Spinal Concepts. He was also president of DePuy Orthopedics’ joint reconstruction and trauma business after its integration with Johnson & Johnson. He also held various senior positions at Howmedica Orthopedics and with the Boston Consulting Group.
Founded in 1982, Immucor is a global leader in transfusion and transplantation diagnostics that “facilitate patient-donor compatibility.”
TPG: Buyouts, Spinouts and Restructurings
TPG is a global private investment firm founded in 1992 with over $74 billion of assets under management. The firm says it has extensive experience with “global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings.” Its history of healthcare investing includes Adare Pharmaceuticals, Aptalis, Biomet, EnvisionRX, Fenwal, Healthscope, IASIS Healthcare, IMS Health, Par Pharmaceutical, Quintiles Transnational and Surgical Care Affiliates, among others.
