Zimmer Biomet (a global medical technology leader) has entered a definitive agreement to acquire Monogram Technologies (an orthopedic robotics company) for approximately $177 million in equity value. Monogram stockholders will also receive a non-tradeable contingent value right (CVR) potentially worth up to $12.37 per share based on future milestones. Both companies’ boards have unanimously approved the transaction.
This acquisition will integrate Monogram’s semi- and fully autonomous robotic technologies into Zimmer Biomet’s ROSA Robotics platform, enhancing its existing navigation and enabling technologies. Monogram’s CT-based, semi-autonomous, AI-navigated total knee arthroplasty (TKA) robotic technology, which received FDA 510(k) clearance in March 2025, is expected to be commercialized with Zimmer Biomet implants in early 2027. Monogram is also developing a fully autonomous version, aiming to make Zimmer Biomet the first company in orthopedics to offer a fully autonomous surgical robot.
The deal broadens Zimmer Biomet’s orthopedic robotics and enabling solutions, addressing diverse surgical needs. The ROSA platform, with nearly 2,000 installations worldwide, remains a cornerstone, with new products and software applications, including ROSA Knee with OptimiZe (submitted to FDA), ROSA Posterior Hip, and ROSA Shoulder, expected by 2027.
Zimmer Biomet anticipates the acquisition will be neutral to adjusted earnings per share in 2025-2027 and accretive from 2028 onward, with a projected high-single-digit return on invested capital (ROIC) by year five. The transaction, subject to regulatory and stockholder approvals, is expected to close later this year.
Advisors: Morgan Stanley is serving as the exclusive financial advisor to Zimmer Biomet, and Hogan Lovells is serving as the legal advisor. Wells Fargo Securities is serving as the exclusive financial advisor to Monogram, and Duane Morris is serving as the legal advisor.
KEY QUOTES:
“Monogram’s technology is a major leap forward, demonstrating our commitment to becoming the boldest and broadest innovator in surgical robotics and navigation. Upon closing, our customer-centric portfolio will consist of the most comprehensive and flexible technology ecosystem to support the varying preferences of a vast array of surgeons – now and into the future. With Monogram’s proprietary technology, Zimmer Biomet has the potential to become the first company to deliver fully autonomous capabilities and redefine both the standard of care and the future of orthopedic surgery.”
Ivan Tornos, Chairman, President and Chief Executive Officer of Zimmer Biomet
“Since our inception, we have been singularly focused on advancing orthopedic robotics with technology designed to safely, efficiently and accurately support surgeons with total knee arthroplasty. We are thrilled by the opportunity to add our technology to Zimmer Biomet’s leading portfolio of surgical robotics, navigation solutions and trusted implants and to benefit from their deep industry expertise and global scale.”
Benjamin Sexson, Chief Executive Officer of Monogram
