Staff Report

WARSAW — Zimmer Biomet Holdings, Inc. has announced the signing of a definitive agreement to acquire Embody, Inc., a private medical device company, in hopes of making substantial regulatory and commercial achievements.

Embody, Inc. is a private medical device company specializing in soft tissue healing through advanced techniques and products.

The acquisition settled at $155 million at closing, with an additional $120 million dependent on what milestones are met over a three year period following the absorption.

The acquisition will include Embody’s portfolio of collagen-based bio-fabrication techniques and biointegrative solutions used to support healing in the most challenging orthopedic soft tissue injuries.

This includes the TAPESTRY® biointegrative implant for tendon healing and the TAPESTRY® RC, which is one of the first arthroscopic implant systems created for rotator cuff repair.

“Embody’s differentiated products and innovative pipeline in the area of sports medicine support our continued focus on and investment in high-growth markets and underscores our commitment to bringing meaningful new advances to patients and surgeons,” said Bryan Hanson, chairman, president and CEO of Zimmer Biomet. “The planned acquisition of Embody is an important step in the ongoing transformation of ZB and the execution of our strategic priority to increase long-term growth and drive value creation.”

“We are excited for the potential to create value for patients and customers in new ways and believe the combination of Embody’s innovative products and Zimmer Biomet’s established portfolio will bring new solutions to the market that could redefine the standard of care,” said Jeff Conroy, CEO of Embody.

This transaction is subject to customary closing conditions and is expected to be completed in February.