Bloomberg reports that dental implant maker Osstem Implant Co. is engaged in advanced negotiations to acquire ZimVie
(Nasdaq: ZIMV)
.
By the afternoon today, shares of ZIMV were up more than 12% to $21.30 apiece. MassDevice‘s MedTech 100 Index was down more than 1%.
The outlet says South Korea–based Osstem submitted a final bid for ZimVie, according to people familiar with the matter. According to the report, Osstem has plans to line up financing for a potential deal as well.
Those sources requested anonymity as the information is confidential, the report said. They told Bloomberg that, while talks entered an advanced stage, they could still fall apart or other suitors could enter the fray.
News of a potential acquisition for ZimVie follows reports last month that the company began considering strategic alternatives. Alternatives touted included a potential sale of the company. At the time of the report, ZimVie’s value landed around $500 million.
A potential shake-up comes just over two years after the company spun out of orthopedic giant Zimmer Biomet. The newly formed company comprised a combination of Zimmer Biomet’s spine and dental units.
After some ups and downs within ZimVie’s spine business in the early stages, leadership looked to cut it down, even exiting markets like China last year.
In December 2023, ZimVie agreed to sell the spine business off entirely, establishing itself as a pure-play dental company. The company completed the deal with H.I.G. Capital, which featured $375 million in total consideration, with $315 million in cash upfront and a $60 million promissory note, in April.