Paragon 28 rises on Zimmer Biomet's $1.1 billion buyout offer

Paragon 28

29/01/2025 13:56

** Shares of surgical implants maker Paragon 28  FNA.N  rise
~9.5% to $13.14 premarket
    ** Medical device maker Zimmer Biomet  ZBH.N  said late on
Tuesday it will acquire Paragon 28 for about $1.1 billion 
    ** The deal will give Zimmer access to Paragon's surgical
implants and equipment used to treat foot and ankle ailments
    ** Brokerage Truist says the deal makes "strategic sense"
for Zimmer as "foot and ankle" is a faster growing subsegment of
the orthopedic market
    ** Zimmer will make an upfront payment of $13.00/shr in
cash, which represents an 8.3% premium to Paragon's closing
price on Tuesday
    ** Up to last close, stock down 2.3% in the last 12 months

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))