NEW YORK (AP) — Zimmer Biomet will spend $1 billion to acquire medical device maker buy LDR Holding Corp., strengthening its position in the spine disorder surgical technology business.
Zimmer will pay $37 per share in cash for LDR, a 68 percent premium to the company's closing stock price Monday. The deal is expected to close in the third quarter.
Zimmer Biomet Holdings Inc., based in Warsaw, Indiana, makes a variety of reconstructive surgical products, including knee and hip replacement products.
"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," said CEO David Dvorak.
LDR is based in Austin, Texas.