Zimmer Biomet Spin-off (Spine and Dental) Notes
- Zimmer announced that it will spin off its Spine and Dental businesses into an independent public company.
- The tax free spin-off is supposed to be completed by mid 2022.
- Spin-off Presentation.
- Will have ~$6.1BN in revenue.
- Market leader in knees and hips.
- $900MM in 2020 revenue.
- Focused on Spine (#6 in the market) and Dental (#5 in the market)
- Spine and Dental were paired together because they use similar materials.
- Could be an interesting situation given size differential of spin-off vs. parent (could see indiscriminate selling).