Zimmer Biomet (NYSE:ZBH) said today it is buying spinal medical device company LDR Holding for approximately $1 billion.
Boards from both companies approved the acquisition agreement, the company said, with Zimmer Biomet slated to acquire all outstanding shares of LDR at $37 per share in cash. The company expects the deal to close in the 3rd quarter of 2016.
LDR Holding develops and sells spinal-procedure focused products, and the acquisition will “bolster Zimmer Biomet’s presence in the global spine market,” the Warsaw, Ind.-based company said
LDR’s primary products are the Mobi-C cervical disc replacement and Mivo portfolio of products supporting lumbar and cervical fusion procedures. LDR received FDA premarket approval for its Mobi-C cervical disc replacement device in 2013, indicated for treating 1 and 2-level cervical disc disease.