Zimmer Biomet Holdings, Inc., a global leader in musculoskeletal healthcare, has officially completed its acquisition of Paragon 28, Inc., a company renowned for its focused innovation in foot and ankle orthopedics. This strategic move significantly bolsters Zimmer Biomet’s presence in one of the highest-growth segments of orthopedic care.

The acquisition, announced earlier this year, was finalized on April 21, 2025. Under the terms of the agreement, each Paragon 28 share was exchanged for $13.00 in cash and a contingent value right (CVR) of up to $1.00 per share based on future revenue milestones. Paragon 28 is now a wholly-owned subsidiary of Zimmer Biomet and has been delisted from the NYSE.

Accelerating Growth in a $5 Billion Market

The global foot and ankle device market is estimated at $5 billion and growing at a high-single-digit annual rate. By absorbing Paragon 28’s specialized product lines and robust commercial network, Zimmer Biomet aims to accelerate its footprint in this dynamic field.

“This combination expands our leadership in the foot and ankle segment,” said Ivan Tornos, President and CEO of Zimmer Biomet. “Together, we will drive innovation at scale and leverage Paragon 28’s dedicated commercial channel to advance our mission to alleviate pain and improve quality of life worldwide.”

Strategic Synergies and Market Expansion

• Broadened Portfolio: The merger strengthens Zimmer Biomet’s offering in trauma, joint replacement, and now foot and ankle, complementing its global orthopedic suite.

• Dedicated Sales Channel: Paragon 28’s focused commercial team enables a specialized sales strategy within Zimmer Biomet.

• Ambulatory Surgery Center Growth: The deal supports deeper penetration in ASC markets, which are playing an increasingly central role in outpatient orthopedics.

A Platform for Innovation

The acquisition reflects Zimmer Biomet’s long-term strategy to unify surgical innovation with digital health, robotics, and AI. With 90+ years of experience and operations in more than 25 countries, Zimmer Biomet continues to build on its legacy by enhancing access and advancing outcomes in musculoskeletal care.