Zimmer Biomet to acquire Texas orthopedic robotics company
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Warsaw-based Zimmer Biomet Holdings Inc. is set to acquire an orthopedic robotics company headquartered in Austin, Texas, the company announced Monday.
The deal for Monogram Technologies Inc., which has been approved by the boards of both companies, has an equity value of $177 million.
Monogram has developed a suite of semi-and fully autonomous robotic technologies. Earlier this year, the company received FDA 510(k) clearance for its semi-autonomous, AI-navigated total knee arthroplasty robotic technology and is currently developing a fully autonomous version.
Zimmer Biomet said once the acquisition closes, it will have a clear pathway to become the first orthopedic company to offer a fully autonomous surgical robot.
“Monogram’s technology is a major leap forward, demonstrating our commitment to becoming the boldest and broadest innovator in surgical robotics and navigation,” CEO Ivan Tornos said in a news release. “Upon closing, our customer-centric portfolio will consist of the most comprehensive and flexible technology ecosystem to support the varying preferences of a vast array of surgeons – now and into the future.
Monogram had 27 employees as of December 2024, according to its annual earnings report.
Zimmer Biomet said Monogram’s platform will complement its Rosa robotics platform, for which the company is currently developing several new product and software applications for knee, hip and shoulder surgeries.
“Since our inception, we have been singularly focused on advancing orthopedic robotics with technology designed to safely, efficiently and accurately support surgeons with total knee arthroplasty,” Monogram CEO Benjamin Sexson said. “We are thrilled by the opportunity to add our technology to Zimmer Biomet’s leading portfolio of surgical robotics, navigation solutions and trusted implants and to benefit from their deep industry expertise and global scale.”
Zimmer Biomet said Monogram common stockholders will receive a non-tradeable contingent value right entitling them to receive up to $12.37 per share of common stock in cash if certain product development, regulatory and revenue milestones are achieved through 2030.
The company said it plans to fund the acquisition through cash on hand and other debt financing sources.
The acquisition is expected to close later this year, pending approval by Monogram stockholders and required regulatory approvals.
Zimmer Biomet is the eighth-largest public company in Indiana with $7.68 billion in revenue in 2024, according to IBJ research. The company employs about 17,000 people across its entire footprint.