Latham & Watkins Advises on Zimmer Biomet’s Acquisition of Paragon 28

Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, and Paragon 28, Inc. (NYSE: FNA), a leading medical device company focused exclusively on the foot and ankle orthopedic segment, have announced they have entered into a definitive agreement for Zimmer Biomet to acquire all outstanding shares of common stock of Paragon 28 for an upfront payment of US$13.00 per share in cash, corresponding to an equity value of approximately US$1.1 billion and an enterprise value of approximately US$1.2 billion. Paragon 28 shareholders will also receive a non-tradeable contingent value right (CVR) entitling the holder to receive up to US$1.00 per share in cash if certain revenue milestones are achieved. Closing of the proposed transaction is subject to receipt of required regulatory approvals, approval by Paragon 28 stockholders and other customary closing conditions, and is anticipated to close in the first half of 2025.

Latham & Watkins LLP represented Piper Sandler & Co, as exclusive financial advisor to Paragon 28, in the transaction with a corporate deal team led by New York/Orange County partner Charles Ruck and New York partner Andrew Elken, with associate Taylor Ashton.