2025年4月21日，全球骨科巨头捷迈邦美Zimmer Biomet（纽约证券交易所代码：ZBH）宣布，已完成 对Paragon 28的收购，该交易价值 12亿美元 （合约87亿人民币）。Paragon 28拥有广泛的手术产品 和系统，涵盖足部和踝部所有主要领域，包括骨折和创伤、畸形矫正以及关节置换。 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 # 收购分析 前情回顾 2025年1月，Zimmer Biomet同意收购Paragon 28， 将以 每股13美元 的价格收购Paragon 28的所有流 通股。 该交易包括每股13美元的现金预付款和每股高达1美元的或有价值权（CVR） ，与2026财年的具 体收入里程碑挂钩。 这一价格较Paragon周二收盘价12美元略有溢价；其股价在最近的10月份还曾跌破5美元。 Needham的分析人士在给投资者的报告中写道，他们长期以来一直认为Paragon 28 是潜在的被收购目标， 并对捷迈邦美支出的小幅溢价感到"惊讶"。分析人士预计，捷迈邦美可能会进行更多收购，收购方向可能超 出骨科领域范围。 ...

Core Viewpoint - Zimmer Biomet has completed the acquisition of Paragon 28 for $1.2 billion, enhancing its position in the rapidly growing foot and ankle orthopedic market [1][2]. Acquisition Analysis - The acquisition was agreed upon in January 2025, with Zimmer Biomet offering $13 per share for Paragon 28, which includes a cash upfront payment and potential earn-out based on future revenue milestones [2]. - Analysts from Needham noted that Paragon 28 was a long-anticipated acquisition target and expressed surprise at the slight premium paid by Zimmer Biomet [3]. Financial Performance - Paragon 28 has shown sales growth of nearly 20%, with recent quarterly revenues between $60 million and $62 million, and an expected revenue of approximately $72 million for the fourth quarter [4]. Strategic Positioning - The acquisition allows Zimmer Biomet to enter the $5 billion global foot and ankle orthopedic market, diversifying its product offerings beyond traditional areas like hip and knee joints [5]. - Paragon 28's innovative product line, including implants and surgical solutions for foot and ankle diseases, addresses unmet patient needs and emerging opportunities [6]. Enhanced Product Portfolio - Paragon 28's tailored product offerings complement Zimmer Biomet's existing products, enabling a more comprehensive musculoskeletal solution and enhancing value propositions to healthcare providers [7]. Outpatient Surgery Center (ASC) Presence - The trend of performing more foot and ankle surgeries in ASCs aligns well with Paragon 28's solutions, providing opportunities for cross-selling other Zimmer Biomet products [10]. Global Expansion - While Paragon 28 has a strong presence in the U.S., its global influence is limited. The merger allows for accelerated global adoption of Paragon 28's products through Zimmer Biomet's established international distribution network [11]. About Paragon 28 - Paragon 28, founded in 2010 and publicly traded since October 2021, focuses on innovative surgical solutions for foot and ankle diseases, with a product range that includes fracture fixation and joint replacement [12][13]. - The company offers nearly 80 surgical systems and over 8,700 stock-keeping units (SKUs), with notable products including the Gorilla® plate system and FDA-approved 3D-printed personalized implants [15][16].