(Bloomberg) -- Dental implant maker Osstem Implant Co. is in advanced talks to acquire New York-listed peer ZimVie Inc., according to people with knowledge of the matter.
The discussions follow South Korea-based Osstem submitting a final bid for ZimVie and lining up financing for a potential deal, the people said, asking not to be identified as the information is confidential. While the talks are advanced, they could still fall apart and other suitors could emerge, the people said.
Representatives for Osstem and ZimVie declined to comment.
Shares in ZimVie rose about 14% in premarket trading on Thursday following the Bloomberg News report. It had a market value of about $517 million as of Wednesday. The stock surged almost 25% on June 25 when Bloomberg News reported that the Palm Beach, Florida-based firm had been working with an adviser after receiving interest from potential buyers.
ZimVie was spun off from Zimmer Biomet Holdings Inc. in 2022. It operates in the US, Switzerland and China, and employs more than 1,800 people globally, its website shows. The company completed a sale of its spine business to H.I.G. Capital for $375 million in April.
Founded in 1997, Osstem is the world’s fourth-largest dental implant material manufacturer and also sells dental equipment and pharmaceutical products, its website shows. MBK Partners and Unison Capital last year took the Seoul-based company private, and Mubadala Investment Co. subsequently invested in it.
MBK Partners manages more than $30 billion and focuses mainly on China, Japan and Korea, according to its website. It also acquired 3D dental scanner maker Medit Corp. in a $2 billion deal in late 2022.
--With assistance from Cathy Chan and Heejin Kim.
(Updates ZimVie’s share move in fourth paragraph.)
©2024 Bloomberg L.P.
