Dive Brief:
- ZimVie plans to sell to an affiliate of Archimed, a healthcare investment firm based in Lyon, France, for about $730 million.
- The acquisition, which would take ZimVie private, is expected to close by the end of 2025, subject to shareholder and regulatory approvals, according to the Monday announcement.
- Bloomberg reported last year that the dental equipment maker was considering a sale after receiving takeover approaches, including an offer by dental manufacturer Osstem Implant.
Dive Insight:
The planned acquisition follows several actions to divest parts of ZimVie. The company was spun out of orthopedics firm Zimmer Biomet in 2022 to house its spine and dental implant businesses. Last year, ZimVie sold its spine business to investment firm H.I.G. Capital for $375 million, leaving the remaining company to focus on dental devices. Now, the remainder of the company is being sold to an affiliate of Archimed.
The planned purchase values ZimVie at $19 per share in cash, a 99% premium to the company’s 90-day volume-weighted average price of $9.57. Shares of ZimVie more than doubled to $18.76 at market close on Monday.
ZimVie CEO Vafa Jamali said in the statement that the deal would provide “strategic and financial backing to expand our innovative dental technology to more patients globally.”
ZimVie will also have the option to “shop” for other proposals for 40 days, until Aug. 29, per the terms of the agreement.
ZimVie reported revenue of $449.7 million for its continuing operations in 2024, a 1.6% decrease year over year.
The merger announcement came after experts told MedTech Dive they see medtech M&A as poised to pick up after a slow spring, despite lingering uncertainty about tariffs.
