Pharma BD Deal Intelligence

Zimmer Holdings Inc. / Paragon 28, Inc.

2025 · Acquisition/Merger · $1.1B · Pending

Zimmer Biomet announced a definitive agreement to acquire Paragon 28, a medical device company focused exclusively on the foot and ankle orthopedic segment, for $13.00 per share in cash, corresponding to an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion. Paragon 28 shareholders also receive a non-tradeable contingent value right worth up to $1.00 per share, payable in whole or in part if net sales exceed $346 million up to $361 million. The transaction expands Zimmer Biomet into the approximately $5 billion foot and ankle segment and was described as immediately accretive to revenue growth and accretive to adjusted EPS within 24 months of close.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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