Zimmer Biomet to Acquire Paragon 28 in $1.1 Billion Deal 💰

Medical device giant Zimmer Biomet has announced its acquisition of Paragon 28 for approximately $1.1 billion, aiming to expand its orthopedic surgical device portfolio. The deal will strengthen Zimmer Biomet’s offerings in foot and ankle surgical implants, as well as its fracture, trauma, and joint replacement businesses. Under the agreement, Zimmer Biomet will pay $13.00 per share in cash, an 8.3% premium on Paragon’s closing price. Additionally, shareholders may receive up to $1 per share based on performance milestones, potentially increasing the deal’s value to $1.2 billion. Zimmer Biomet plans to finance the acquisition through a mix of cash and debt, with completion expected in the first half of 2025. While the company expects a short-term 3% dip in adjusted profits for 2025, the acquisition is positioned as a strategic long-term growth move.