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16 May 2012 | Press Release

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Straumann to acquire 49% of Neodent, Brazil's leading dental implant company

Mergers and Acquisitions

Straumann announced today that it has signed an agreement to acquire a 49% stake in Neodent, the leading dental implant company in Brazil, for approximately CHF 260 million in cash.

The acquisition will enable Straumann to gain a leading position in Brazil, the world's second largest market for implant dentistry1,2 and to enhance its access to additional Latin American markets. The agreement also provides Straumann with options to increase its stake to 100% over the next six years.

Neodent is a privately held company specializing primarily in the design, development, and manufacture of dental implants and related prosthetic components. Under the entrepreneurial leadership of its founding owners, Drs Geninho Thome and Clemilda de Paula Thome, the company has expanded rapidly over the past ten years and today controls approximately a third of the Brazilian market. This success has been achieved through a philosophy of making tested implant solutions more affordable to a broader population.

Having grown at an average rate of approximately 20% over the past three years, Neodent achieved sales of BRL 167 million (approx. CHF 80 million) in 2011, which was generated almost entirely in its domestic market. The company is also highly profitable and generated an EBITDA margin of more than 40%.

A highly attractive growth market

It is estimated that around two million implants were sold in Brazil in 2011,2 making it second only to the US market in terms of volume. It is also expected to enjoy significant growth in the coming years driven by favorable demographics, benefiting from an aging population and an expanding middle class.

Beat Spalinger, Straumann's President & CEO, commented: "Neodent is a leading brand in one of the world's most attractive and dynamic tooth replacement markets. It is a well-run, efficient company that has similar values to Straumann and is strongly committed to the well-being of patients. The Neodent brand offers access to a huge market segment that we are less able to address and serve through the Straumann brand alone. With this acquisition and the envisioned dual brand strategy, Straumann can unlock the full potential of the South American markets."

Dr Geninho Thome, co-founder and CEO of Neodent, noted: "Straumann's investment is important for Brazil and recognizes the tremendous achievements of our staff over the past ten years. We are extremely proud to become part of the Straumann Group, which we see as the pioneering global leader in implant dentistry. I am convinced that our partnership will contribute significantly to the standard of patient care in South America."

Dual brand strategy to build on strong positioning in Brazil and Latin America

Brazil and Latin America are different from Straumann's traditional markets with regard to segment size. Whilst the premium segment in Latin American markets remains attractive, it is relatively small in absolute terms. In Brazil international premium manufacturers account for less than 20% of the overall market, whereas in developed markets, such as Europe and North America, it is thought to be higher than 70%.

In order to maximize their market potential, the two companies will continue to operate independently as separate businesses and brands addressing distinct customer segments in Brazil and Latin America. The dual brand strategy will enable them to build on their respective current positioning: Straumann as a leading global provider of innovative premium solutions and services, and Neodent as a regional leader offering solutions that are tailored to local market needs.

Strong balance sheet enables Straumann to pay cash

Having high liquidity and no debt, Straumann intends to finance the consideration of approximately CHF 260 million in cash from existing reserves. This initial tranche represents a historic EBITDA3 multiple of approximately 13. The deal, which is expected to close in the near future, also provides Straumann with the option to increase its stake in two further steps, leading to outright ownership in six years' time. With Geninho Thome expected to continue as CEO in the coming years, the agreement is thus structured to ensure continuity.

Straumann's ongoing share purchase program unaffected

The acquisition does not affect Straumann's ongoing share purchase program, which is driven by the Group's continuing strong conviction that its current share price does not reflect the true value of the company.

About Neodent

Founded in 1993 as JJGC Industria e Comercio de Materiais Dentarios S/A, Neodent was the first Brazilian company in the implant sector to receive certification from the Ministry of Health. It started to manufacture dental implants and related instruments with just one production employee. After rapid expansion, the company moved to its own premises in Curitiba in 1998, where its headquarters and a state-of-the-art manufacturing facility are located today. Neodent employs more than 700 employees and operates more than 10 branches in Brazil. It also has two subsidiaries abroad (Portugal and Mexico) and works with more than 10 distributors in South America and other geographies.

Similar to Straumann, Neodent places considerable importance on education and training, with the aim of ensuring treatment standards and patient care. It does this through the ILAPEO (Instituto Latino Americano de Pesquisa e Ensino Odontologico) institute, which is one of the largest dedicated implant training centers in the world, offering courses to thousands of participants each year.

About Straumann

Headquartered in Basel, Switzerland, Straumann (SIX: STMN) is a global leader in implant, restorative and regenerative dentistry. In collaboration with leading clinics, research institutes and universities, Straumann researches, develops and manufactures dental implants, instruments, prosthetics and tissue regeneration products for use in tooth replacement and restoration solutions or to prevent tooth loss. Straumann currently employs approximately 2450 people worldwide and its products and services are available in more than 70 countries through its broad network of distribution subsidiaries and partners.

1. By volume
2. iData Research Inc. 2011 and Straumann estimates
3. Adjusted for extraordinary items

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