Zimmer Biomet to drop $1B on spine-focused LDR Holding

Zimmer Biomet (NYSE:ZBH) said today it is buying spinal medical device company LDR Holding for approximately $1 billion. Boards from both companies approved the acquisition agreement, the company said, with Zimmer Biomet slated to acquire all outstanding shares of LDR at $37 per share in cash. The company expects the deal to close in the 3rd quarter of 2016. LDR Holding develops and sells spinal-procedure focused products, and the acquisition will “bolster Zimmer Biomet’s presence in the global spine market,” the Warsaw, Ind.-based company said LDR’s primary products are the Mobi-C cervical disc replacement and Mivo portfolio of products supporting lumbar and cervical fusion procedures. LDR received FDA premarket approval for its Mobi-C cervical disc replacement device in 2013, indicated for treating 1 and 2-level cervical disc disease. “This highly strategic and complementary transaction will enhance Zimmer Biomet’s innovation leadership in musculoskeletal healthcare by adding a premier spine platform to our portfolio of solutions. This combination is consistent with our goal of driving meaningful growth across all musculoskeletal markets with innovative products, technologies and services that enhance patient outcomes.  The talented LDR team uniquely shares our deeply held commitment to innovating in a manner that restores mobility and alleviates pain for patients around the world, and we look forward to welcoming them to Zimmer Biome...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Mergers & Acquisitions Spinal LDR Holding Corp. Zimmer Biomet Source Type: news