Dive Brief:
- Dental firm Osstem Implant is in advanced talks to acquire Zimvie, Bloomberg reported Wednesday.
- Osstem submitted a final bid for Zimvie and lined up financing for a potential deal, anonymous sources told Bloomberg. No financial terms were reported. A spokesperson for Zimvie said in an email to MedTech Dive that “it is the company’s policy not to comment on market rumors or speculation.”
- The discussions about a potential sale come less than a year after Zimvie sold its spine business to investment firm H.I.G. Capital for $375 million.
Dive Insight:
Zimvie spun out of Zimmer Biomet in 2022 and has since broken off into smaller pieces. In December, the firm sold its spine segment, which CEO Vafa Jamali said at the time would create a “leaner, more focused” company. Now, the company is reportedly considering selling the remainder of its business, which is focused on dental implants.
Bloomberg first reported in June that Zimvie was considering a sale after strategic investors and industry players approached the company. Now, Osstem, a South Korea-based company that makes dental implants, has emerged as a potential buyer, according to Bloomberg. The deal could still fall apart, or other buyers could emerge, Bloomberg reported.
Osstem is owned by investment firms MBK Partners and Unison Capital Korea (UCK) Partners, which took the company private last year.
Zimvie reported $118.2 million in sales and a net loss of $7.8 million in the first quarter of 2024. Company shares rose 12.5% to $21.31 at market close Thursday following the report.