Zimmer Biomet today said it completed the acquisition of A&E Medical for $150 million in cash at closing and $100 million in cash payable in 2021.
Through the deal, Zimmer Biomet is acquiring the company and its complete portfolio of sternal closure devices, including sternal sutures, cable systems and rigid fixation and a range of single-use complementary temporary pacing wire and surgical punch products.
“A&E Medical’s high-growth business and innovative products are highly complementary to our current portfolio and will allow us to offer a comprehensive suite of sternal closure products, including rigid fixation, which has the potential to shift the standard of care and address a variety of unmet patient and surgical needs,” Zimmer Biomet president and CEO Bryan Hanson said in a news release. “This deal aligns with our active portfolio management strategy and the ongoing transformation of our business that will position Zimmer Biomet for long-term growth.”
“We believe the addition of A&E’s leading comprehensive sternal closure products to the portfolio of Zimmer Biomet, a long-standing leader in surgical solutions, will benefit surgeons, patients and health care systems,” A&E Medical president and CEO Thomas Sullivan said.