Zimmer Biomet to Buy LDR for $1 Billion, Add Spinal Devices

Zimmer Biomet Holdings Inc. agreed to buy LDR Holding Corp. for about $1 billion in cash to add surgical technologies for the treatment of patients with spine disorders.

The $37-a-share offer has been approved by both boards, the companies said in a June 7 statement. That represents a 64 percent premium to LDR’s June 6 closing price of $22.58. LDR’s shares have lost 49 percent in the past 12 months.

Zimmer, with a market valuation of $24.2 billion, is one of the U.S.’s biggest manufacturers of replacement hips and knees and other reconstructive and orthopedic devices. LDR had 2015 sales ...