Bloomberg first revealed the merger and acquisition (M&A) discussions in June when Zimvie was approached about a potential takeover.
Key Points:
Osstem Implant, a dental implant company, is reportedly in advanced negotiations to acquire Zimvie, according to a Wednesday report by Bloomberg.
Osstem has reportedly made a final bid and secured financing for the acquisition. Details of the financial terms have not been disclosed. Zimvie’s spokesperson declined to comment on market speculation, citing company policy.
This potential acquisition comes less than a year after Zimvie sold its spine business to investment firm H.I.G. Capital for $375 million.
Background:
Zimvie, which was spun off from Zimmer Biomet in 2022, has since been reducing its operations. In December, the company divested its spine segment, a move intended to streamline operations and focus more sharply on core areas. Zimvie is now contemplating the sale of its remaining business, which specializes in dental implants.
Bloomberg had reported in June that Zimvie was exploring a sale after receiving interest from strategic investors and industry players. Osstem, a South Korean company specializing in dental implants, has emerged as a leading candidate to purchase Zimvie. However, the deal remains uncertain, and other potential buyers could still come forward.
Osstem is owned by MBK Partners and Unison Capital Korea (UCK) Partners, which privatized the company last year.
In the first quarter of 2024, Zimvie reported sales of $118.2 million and a net loss of $7.8 million. Following the acquisition report, Zimvie’s shares rose by 12.5% to $21.31 at Thursday’s market close.