Zimmer Biomet (NYSE:ZBH) said today that it agreed to pay at least $132 million to acquire French robot-assisted surgery firm Medtech (EPA:ROSA).
Warsaw, Ind.-based Zimmer Biomet has already paid €50.00 per share ($55.39) for more than 1.4 million ROSA shares, which is about 58.77% of the Montpellier, France-based company’s stock, to founder & CEO Bertin Nahum, Newfund and other owners. Zimmer Biomet also put up €50.03 ($55.43) for per Medtech’s convertible bonds and €17.17 ($19.02) for its warrants, both of which were owned by Ally Bridge Group.
Zimmer Biomet said it also agreed to launch and all-cash tender offer for the Medtech shares it doesn’t already own, subject to the approval of France’s anti-trust watchdog, the Autorité des Marchés Financiers.
Medtech board members Frank Yu, Fernand Badano and Eric Briole are resigning in connection with the change of control; Nahum is slated to stay on to lead Zimmer Biomet’s robotics program in Montpellier, the company said.
Medtech makes the Rosa Brain and Rosa Spine robot-assisted surgery platforms; the Rosa Spine device won 510(k) clearance from the FDA in January. Both platforms also have CE Mark approval in the European Union.
“Ally Bridge Group has been a true global partner – and helpful to us particularly in China and the U.S.,” Nahum said in prepared remarks.
“This acquisition of Medtech by Zimmer Biomet is a powerful validation of the innovative technologies – and an impressive global commercial footprint – of the company under the leadership of its founder and CEO, Bertin Nahum,” added Yu, founder, CEO & CIO of Ally Bridge Group. “We expect Zimmer Biomet’s industry-leading position to enable Medtech’s innovative minimally invasive surgical robots to reach a much greater number of patients suffering from neurological and spine disorders globally.”
(€1 = $1.10785)
