Zimmer Biomet completed its acquisition of Paragon 28, a medical device company in the foot-and-ankle orthopedic sector.
The transaction strengthens Zimmer’s foot-and-ankle offerings, establishes a dedicated foot-and-ankle sales channel for Zimmer and expands the company’s growth opportunities in ASCs, according to an April 28 Zimmer news release.
The two companies entered into a definitive agreement in January, with Zimmer acquiring all of Paragon’s outstanding shares for $13 per share, corresponding to an equity value of more than $1 billion.
Paragon 28 is now a wholly owned subsidiary of Zimmer Biomet, the release added.
