Zimmer Biomet to acquire Monogram Technologies for $177 million

Zimmer Biomet Holdings Inc. (NYSE: ZBH) announced it will acquire Monogram Technologies Inc. (NASDAQ: MGRM) for $4.04 per share in cash, representing an equity value of approximately $177 million and an enterprise value of approximately $168 million.

The transaction includes contingent value rights that could provide Monogram shareholders up to an additional $12.37 per share through 2030 if certain product development, regulatory and revenue milestones are achieved. Both companies' boards have unanimously approved the deal.

Monogram develops semi-autonomous and fully autonomous robotic technologies for orthopedic surgery. The company received FDA 510(k) clearance in March 2025 for its CT-based, semi-autonomous, AI-navigated total knee arthroplasty robotic technology, which is expected to be commercialized with Zimmer Biomet implants in early 2027.

The acquisition expands Zimmer Biomet's ROSA robotics platform, which is approaching 2,000 installations worldwide. Zimmer Biomet stated the acquisition positions it to potentially become the first company to offer fully autonomous surgical robots in orthopedics.

Zimmer Biomet expects the acquisition to be neutral to adjusted earnings per share from 2025 to 2027 and accretive thereafter. The company anticipates the transaction will contribute to revenue growth beginning in 2027 and generate high-single digit return on invested capital by year five.

The transaction is subject to regulatory approvals, Monogram stockholder approval and other customary closing conditions. The merger is expected to close later this year.

Morgan Stanley served as financial advisor to Zimmer Biomet, while Wells Fargo Securities advised Monogram.

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