Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) has entered into a definitive agreement to acquire Arizona-based Cayenne Medical Inc. Financial terms of the deal were not disclosed, but the acquisition is expected to close sometime in the second quarter of 2016.
Zimmer says the acquisition will strengthen the medical device company’s sports medicine capabilities. Cayenne Medical says it makes advanced soft tissue reconstruction solutions for the knee, shoulder and extremities.
"As a market leader in musculoskeletal healthcare, the expansion of our Sports Medicine business with Cayenne Medical’s highly successful portfolio represents an exciting growth opportunity and will meaningfully advance our commitment to serving the needs of patients across the full continuum of care," said David Nolan, group president of Zimmer Biomet’s sports medicine, extremities, trauma, biologics and surgical businesses. "With rising demand for the clinical benefits of advanced soft tissue repair and reconstruction solutions, we greatly look forward to leveraging Zimmer Biomet’s scale and specialized sales capabilities to broaden and accelerate the growth of Cayenne Medical’s clinically acclaimed offerings."
Cayenne Medical President and Chief Executive Officer David Springer says joining Zimmer Biomet will advance its mission to solve unmet needs in the soft tissue repair and reconstruction area.