Zimmer Biomet recently announced entering a definitive agreement to acquire all outstanding common shares of Paragon 28. Under the agreement, Zimmer Biomet will pay $13.00 per share, valuing Paragon 28 at approximately $1.1 billion. Paragon 28 shareholders may also receive up to an additional $1.00 per share if Zimmer Biomet achieves certain revenue milestones in the 2026 fiscal year. Zimmer Biomet is a global medical technology company. Paragon 28 designs, develops, and manufactures orthopedics products in the foot and ankle space.
Discussing the agreement, Ivan Tornnos, Zimmer Biomet’s President and CEO, stated, “Paragon 28’s broad and innovative foot and ankle portfolio, robust product pipeline and dedicated and highly trained sales force, combined with Zimmer Biomet’s global reach and capabilities, will uniquely position us to address the unmet patient needs of this highly complex anatomy.”
Paragon 28 was founded in 2010 and focuses on advancing foot and ankle care. Albert DaCosta, Paragon 28’s CEO, stated, “joining Zimmer Biomet is an exciting new chapter for Paragon 28 and an incredible opportunity to advance our mission and continue to deliver groundbreaking solutions in the foot and ankle segment.”
The transaction is expected to close in the first half of 2025, subject to customary closing conditions and regulatory approvals.
Tags
Acquisitions, Medical Devices, orthopedic devices, Paragon 28, Zimmer Biomet
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