Zimmer Biomet to acquire Embody
Click Here to Manage Email Alerts
Zimmer Biomet Holdings Inc. announced it has reached a definitive agreement to acquire Embody Inc. for $155 million at closing, according to a company press release.
In addition, the acquisition can be up to an additional $120 million subject to achieving future regulatory and commercial milestones during a 3-year period. The release noted the acquisition is expected to be accretive to overall revenue growth and slightly dilutive to adjusted earnings per share in 2023.
“We are excited for the potential to create value for patients and customers in new ways and believe the combination of Embody’s innovative products and Zimmer Biomet’s established portfolio will bring new solutions to the market that could redefine the standard of care,” Jeff Conroy, CEO of Embody, said in the release.
The release noted the acquisition includes Embody’s complete portfolio of collagen-based biointegrative solutions to support healing in the most challenging orthopedic soft tissue injuries.
“Embody’s differentiated products and innovative pipeline in the area of sports medicine support our continued focus on and investment in high-growth markets and underscores our commitment to bringing meaningful new advances to patients and surgeons,” Bryan Hanson, chair, president and CEO of Zimmer Biomet, said in the release. “The planned acquisition of Embody is an important step in the ongoing transformation of [Zimmer Biomet] and the execution of our strategic priority to increase long-term growth and drive value creation.”
The transaction is subject to customary closing conditions and is expected to be completed in February 2023, according to the release.
Read more about
Click Here to Manage Email Alerts