Transaction Further Strengthens Company’s Position in High-Growth Foot and Ankle Segment
Zimmer Biomet Holdings, Inc. (“Zimmer Biomet”; NYSE and SIX: ZBH), a global medical technology leader, today announced it has completed the acquisition of Paragon 28, Inc. (“Paragon 28”), a leading medical device company focused exclusively on the fast-growing foot and ankle orthopedic space.
“We look forward to building on the strong foundation set by Albert DeCosta and the Paragon 28 team and are excited to officially welcome them to the Zimmer Biomet family,” said Ivan Tornos, President and CEO of Zimmer Biomet. “This combination expands our leadership in the foot and ankle segment, one of the highest growth specialties in musculoskeletal care. Together, we will drive innovation at scale and leverage the power of Paragon 28’s dedicated foot and ankle commercial channel to help advance our Mission to alleviate pain and improve the quality of life for people around the world.”
Benefits of the Transaction
Strengthens and expands Zimmer Biomet’s foot and ankle offerings through Paragon 28’s leading technology platform while bolstering existing fracture & trauma and joint replacement portfolios.
Leverages Paragon 28’s specialized sales organization to create a dedicated foot and ankle sales channel within Zimmer Biomet.
Complements Zimmer Biomet’s global footprint and existing infrastructure with Paragon 28’s expansive portfolio, which is expected to drive adoption and accelerate U.S and international growth.
Accelerates Zimmer Biomet’s WAMGR given significant opportunity across a ~$5 billion foot and ankle industry growing high-single digits.
Expedites penetration opportunities in the fast-growing Ambulatory Surgery Center (ASC) space.
Completion of Acquisition
Zimmer Biomet completed the previously announced acquisition of Paragon 28 on April 21, 2025, pursuant to the Agreement and Plan of Merger by and among Zimmer, Inc., Gazelle Merger Sub I, Inc., Paragon 28 and Zimmer Biomet, dated as of January 28, 2025.
At the effective time of the acquisition, each outstanding common share of Paragon 28 was automatically cancelled and retired and converted into the right to receive (i) $13.00 in cash and (ii) a non-tradeable contingent value right (CVR) entitling the holder to receive up to $1.00 per share in cash if certain revenue milestones are achieved. Upon completion of the acquisition, Paragon 28 became a wholly-owned subsidiary of Zimmer Biomet.
With the acquisition’s completion, Paragon 28 shares ceased trading on the New York Stock Exchange prior to the opening of the market on April 21, 2025, and will be delisted.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
