Warsaw-based Zimmer Biomet Holdings Inc (NYSE: ZBH) has completed the acquisition of A&E Medical Corporation in New Jersey. The medical device manufacturer says the deal is valued at $150 million in cash at closing, and $100 million in cash payable in 2021.
Zimmer Biomet says the acquisition includes A&E’s complete portfolio of sternal closure devices.
“A&E Medical’s high-growth business and innovative products are highly complementary to our current portfolio and will allow us to offer a comprehensive suite of sternal closure products, including rigid fixation, which has the potential to shift the standard of care and address a variety of unmet patient and surgical needs,” said President and Chief Executive Officer Bryan Hanson.
Hanson says revenue from the new integrated business will be placed in Zimmer Biomet’s Dental, Spine, and Craniomaxillofacial and Thoracic product category.
The acquisition was finalized after Zimmer Biomet reported a profit in the third quarter earlier this month.