ZimVie is selling its spine business to HIG Capital for $375 million.
The devicemaker's core spine, motion preservation and EBI bone healing portfolios will be sold off to "create a leaner, more focused ZimVie with a leading position in attractive and growing global dental markets," CEO Vafa Jamali said in a Dec. 18 news release.
ZimVie's stock shares rose 40% early Dec. 18 amid news of the sale, Seeking Alpha reported. The transaction is expected to close in the first half of 2024.
Zimmer Biomet's spine and dental businesses split off through ZimVie in 2022. This year, ZimVie's spine sales saw year-over-year sales decreases in the first, second and third quarters.