Zimmer Biomet to buy Paragon 28

Orthopedic

Zimmer Biomet has entered into a definitive agreement to purchase Paragon 28, a medical device company focused exclusively on foot-and-ankle orthopedics. 

Zimmer will acquire all outstanding shares of Paragon stock for an upfront payment of $13 per share, corresponding to an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion, according to a Jan. 28 news release. 

Paragon was founded in 2010 and offers surgical equipment and product systems spanning all major foot-and-ankle segments, including fracture and trauma, deformity correction and joint replacement.

The acquisition will expand Zimmer Biomet's foot-and-ankle offerings and bolster its fracture and trauma, and joint-replacement portfolios.

Paragon estimated its net revenue for fiscal 2024 at about $255.9 million to $256.2 million, representing 18.2% to 18.4% reported growth over fiscal 2023, according to the release. 

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