Zimmer Biomet Holdings, Inc. (ZBH) entered a merger agreement on July 17, 2025, to acquire Monogram Orthopaedics, Inc. (MGRM) in a deal valued at $168 million.
As per the terms of this merger, Zimmer Biomet will acquire all outstanding shares of stock of Monogram for an upfront payment of $4.04 per share in cash, representing a premium of 22.80% from the stock’s last close.
Monogram common stockholders will also receive a non-tradeable contingent value right (CVR) entitling the holder 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.
Monogram Orthopaedics is an AI-driven robotics company developing next-generation solutions for orthopedic surgery, including patient-optimized implants, robotic surgical systems, and related instruments for joint replacement procedures.
Zimmer Biomet is a global medical technology leader that designs, manufactures, and markets innovative orthopedic, spine, dental, and surgical products, as well as digital and robotic solutions to restore mobility and improve patient health worldwide.
Monogram has developed a CT-based, semi-autonomous, AI-guided robotic system for total knee arthroplasty, which received FDA clearance in March 2025 and is slated for commercialisation with Zimmer Biomet implants in early 2027.
Zimmer Biomet plans to pay for the proposed deal using cash it already has and additional debt financing if needed.
Zimmer Biomet expects the acquisition, anticipated to close later this year, to drive revenue growth from 2027 onward by accelerating robotic knee adoption in the U.S., expanding its customer base with a broader product portfolio, and strengthening its global knee offerings.
Zimmer Biomet expects the acquisition won’t impact adjusted earnings per share in 2025, 2026, and 2027 but will start adding to earnings in 2028 and beyond.
Wells Fargo Securities and Duane Morris acted as financial and legal advisors, respectively, to Monogram Orthopaedics. For Zimmer Biomet, Morgan Stanley served as financial advisor, and Hogan Lovells US provided legal counsel.
More in-depth details about this M&A transaction can be found here:
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Editor’s Note: Baranjot Kaur contributed to this article