WARSAW — Zimmer Biomet announced on Tuesday it would acquire Paragon 28, a foot and ankle company located in Englewood, Colo.

To be clear, this has nothing to do with Paragon Medical, an orthopedic company headquartered in Pierceton.

The $1.1 billion deal will give Zimmer Biomet access to Paragon 28's surgical implants and equipment used to treat foot and ankle ailments while bolstering its fracture and trauma, and joint replacement businesses, the Warsaw-based company said in a news release.

Under the terms of the deal, Zimmer Biomet will make an upfront payment of $13.00 per share in cash, which represents an 8.3% premium to Paragon 28's closing price on Tuesday.

Shares of Paragon 28 rose 9.3% following the announcement.

“This proposed transaction further diversifies Zimmer Biomet’s portfolio outside of core orthopedics and positions us well in one of the highest growth specialized segments in musculoskeletal care, while creating cross-selling opportunities in the rapidly growing ASC space,” said Ivan Tornos, President and Chief Executive Officer of Zimmer Biomet. 

“Paragon 28’s broad and innovative foot and ankle portfolio, robust product pipeline and dedicated and highly trained sales force, combined with Zimmer Biomet’s global reach and capabilities, will uniquely position us to address the unmet patient needs of this highly complex anatomy,” Tornos said.

Albert DaCosta, Chairman and CEO of Paragon 28, added:

“We are incredibly proud of the legacy we have built at Paragon 28 as an industry leader committed to continuously improving the outcomes and experiences of patients suffering from foot and ankle conditions.”

“Joining Zimmer Biomet is an exciting new chapter for Paragon 28 and an incredible opportunity to advance our mission and continue to deliver groundbreaking solutions in the foot and ankle segment,” DaCosta said.

Zimmer plans to fund the transaction through a combination of cash and debt financing and expects to close it in the first half of 2025.

Paragon 28 was established in 2010. The name “Paragon 28” was chosen to reflect its focus foot and ankle devices.

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WARSAW — Indiana's Budget Committee has officially approved the $30 million grant for the Orthopedic Industry Retention Initiative designed to attract talent and to retain and expand the orthopedic device industry in Indiana.

The State Budget Committee voted Tuesday to approve the $30 million grant which was appropriated by the General Assembly in April 2023, according to a news release from OrthoWorx. 

OrthoWorx will begin deploying the fund in July, the news release said.

“We are remarkably grateful to the state for entrusting OrthoWorx as the steward of these resources for investing in the future of the orthopedic industry and thereby allowing us to execute on our mission of Advancing the Orthopedic Capital of the World for Generations to Come,” said Bob Vitoux, OrthoWorx president and CEO. 

“The timing of this funding couldn’t be better for investing in additional workforce housing, new amenities and experiences, innovation and research facilities in support of orthopedics, improved aesthetics, and more, all of which are critical to attracting and retaining the next generation workforce.”

Also commenting on this announcement, Ivan Tornos, Zimmer Biomet president and CEO, added, “Warsaw, Indiana, has been driving Medtech innovation and helping patients for nearly 130 years. This commitment by the state of Indiana reaffirms the value it places on the future of orthopedics.”

Details of the proposals developed by a local committee in recent months have not been released to the public.

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Zimmer Biomet President and CEO Ivan Tornos said the collaboration is an attempt to make Warsaw "the boldest city in medtech."

Plug and Play Indiana was initially announced in January and is already attracting entrepreneurs  to Warsaw, including some who were in attendance at Wednesday’s announcement and who were already scheduled to begin pitching ideas.

Amidi said he believes about half of the startups will come from the Warsaw area or the state and the rest would come from elsewhere at the company's direction.

Plug and Play will seek to bring in dozens of such startups annually.

Tornos said news that Plug and Play would be coming to Warsaw has generated interest from around the world in recent weeks.

"Even from my home country in Spain, I'm getting emails directly from different startups  in Europe that want to be part of the ecosystem ... it's got a lot of potential very quickly."

Startups showing interest include Alberta, Canada, and Warsaw, Poland, according to Amidi.

Tornos spoke about what makes Warsaw so special.

"I've done business literally all over the world (and it's) hard to find a place like this county or this state where you have all of the basic ingredients," Tornos said.

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WARSAW — After months and months of extensive renovations that took it down to the bone, the community and its biggest employer celebrated the reopening of the renamed Zimmer Biomet Center Lake Pavilion on Wednesday.

The city parks department’s biggest event center — on the shores of Center Lake — saw a massive makeover thanks to a $2.5 million donation from the orthopedic giant whose corporate headquarters sit in the distance across from Central Park.

Improvements include the relocation of the restrooms and the kitchen, a new roof, a new ceiling, improved lighting, a new sound system and a other modifications that opened up a view of the lake.

Wednesday's open house included numerous representatives from Zimmer Biomet including Ivan Tornos, the new CEO who stressed in his speech the company's commitment to the community, saying he "loves" the city and and that the orthopedic leader has no reason to ever leave.

Warsaw Mayor Joe Thallemer called the donation a "critical reflection of Zimmer Biomet’s commitment to the community."

"They've driven the growth in our community. They've created jobs. They built themselves into a global industry. We couldn't be luckier as a community and their engagement now in our community has just hit a new high with the opening of this facility," Thallemer said.

Thallemer was among many at the open house who were stunned at how nice the facility is.

"I can't even describe how beautiful this facility is. People have to come down to see this. We want this community go enjoy this facility," Thallemer said. "That's what it's for. It's for our community. It's for everybody in the community."

For Parks superintendent Larry Plummer, the reopening of the pavilion marked a personal and professional highlight.

"I've had long history with that building," Plummer said.

"I had my wedding reception there. My daughter was married there. I've seen it go through two or three remodels and a fire. To see the way it is now, it's very rewarding as a superintendent to see your facility upgraded to this condition."

Plummer said based on conversations, he anticipates the pavilion will once again become the city’s hallmark event center.

The parks office, he said, will begin taking reservations for the pavilion beginning on Thursday.

[caption id="attachment_83478" align="aligncenter" width="771"] An exterior view of the revamped pavilion. News Now Warsaw photo by Dan Spalding.[/caption]

[caption id="attachment_83479" align="aligncenter" width="836"] The pavilion includes many more windows, some of which look out upon Center Lake. News Now Warsaw photo by Dan Spalding.[/caption]

[caption id="attachment_83480" align="aligncenter" width="874"] New restrooms are located near the front of the pavilion. News Now Warsaw photo by Dan Spalding.[/caption]

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