US-based medical technology company Zimmer Biomet has agreed to acquire orthopaedic robotics company Monogram Technologies for an enterprise value of around $168m.
The acquisition aims to enhance Zimmer Biomet’s robotics suite with Monogram’s autonomous solutions, positioning the company as a leader in orthopaedic surgical robotics.
Under the agreement, Zimmer Biomet will purchase all outstanding shares of Monogram for an upfront payment of $4.04 per share in cash, an equity value of around $177m.
In addition, Monogram stockholders will receive a non-tradeable contingent value right (CVR), to earn up to $12.37 per share in cash if certain milestones are met by 2030.
The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to be completed later this year.
Its closing is contingent upon regulatory approvals, Monogram stockholder approval, and other customary closing conditions.
Zimmer Biomet plans to finance the acquisition through a mix of cash on hand and available debt financing sources.
Upon closing, Zimmer Biomet anticipates becoming the first in orthopaedics company to offer a fully autonomous surgical robot upon closing the transaction.
Zimmer Biomet Chairman, President and Chief Executive Officer Ivan Tornos said: “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 orthopaedic surgery.”
Monogram’s CT-based, semi-autonomous, AI-navigated total knee arthroplasty (TKA) robotic technologies are set to enhance Zimmer Biomet’s ROSA Robotics platform.
The TKA technology, which received FDA 510(k) clearance in March 2025, is expected to be commercialised with Zimmer Biomet implants by early 2027.
Monogram is also developing a fully autonomous version of the technology, which could improve safety, efficiency, and outcomes, and extend applications beyond TKA.
The acquisition strengthens Zimmer Biomet’s presence in the rapidly growing orthopaedic robotics segment and may contribute to revenue growth from 2027 onwards.
It will expand the company’s comprehensive suite of orthopaedic robotics, enabling solutions and analytics for use throughout the surgical process.
Morgan Stanley & Co. served as the exclusive financial advisor and Hogan Lovells US as legal advisor to Zimmer Biomet, on this transaction.
Wells Fargo Securities served as the exclusive financial advisor, and Duane Morris as legal advisor to Monogram.
Monogram CEO Benjamin Sexson said: “Since our inception, we have been singularly focused on advancing orthopaedic 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.”
