"Zimmer Biomet Holdings, Inc. (Zimmer Biomet), a global medical technology leader, 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 orthopaedic 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.""
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 US 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.
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.
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health.