Zimmer Biomet Holdings Inc., an Indiana-based medical device company, will buy another med-device company, LDR Holding Corp., in a bid to boost its Colorado-based spinal business.
Zimmer Biomet's Spine Division is headquartered in Broomfield, offering spine-related medical-device products as well as training and clinical support to surgeons.
In a statement, It said both company's boards have agreed to allow Zimmer (NYSE: ZBH) to make a tender offer to buy LDR (Nasdaq: LDRH) for about $1 billion in cash, or $37 per share.
“The addition of LDR will bolster Zimmer Biomet's presence in the global spine market and provide the company with an immediate and a leading position in the fast growing cervical disc replacement and [minimally invasive surgery] segments,” Zimmer’s statement said.
“The combination is expected to meaningfully accelerate the growth of Zimmer Biomet's Spine business,” the company added.
It was not clear to what extent, if any, the merger would add to Zimmer's Colorado operations or workforce.
David Dvorak, president and CEO of Zimmer Biomet, said on a conference call Tuesday that the companies' post-merger spinal division will maintain significant presences in Austin and France, complimenting its Broomfield office. A task force will be formed to determine the details of combining the Zimmer Biomet and LDR spinal operationsRead Full Story...