ZimVie Completes Separation from Zimmer Biomet; Announces Board of Directors
March 01 2022 - 7:00AM
ZimVie Inc. (Nasdaq: ZIMV) today announced its debut as an
independent publicly traded company and the completion of its
separation from Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH).
This separation completes the path ZimVie began in 2021 when its
former parent company announced its intention to separate its
Dental and Spine businesses into one of the world’s newest and
leading life sciences companies. ZimVie common stock began “regular
way” trading under the symbol “ZIMV” on the Nasdaq Stock Market.
“As an independent company, we are uniquely poised to expand the
reach of our Dental and Spine product platforms through innovation
and enhanced commercial and operational focus,” said Vafa Jamali,
President and Chief Executive Officer of ZimVie. “Our solutions
hold strong positions in the Dental and Spine markets, which
represent a collective $20 billion addressable market opportunity.
We intend to advance our positioning in each of these markets over
time as we execute on multiple opportunities for growth and
continue innovating to offer better solutions that help restore
daily life.”
Concurrent with its separation, ZimVie announced the individuals
who serve as members of the Company’s Board of Directors:
- Vinit K. Asar, President and Chief Executive
Officer of Hanger Inc., a leading provider of outcomes-based
orthotic and prosthetic patient care services and solutions, since
May 2012. Mr. Asar brings executive and public company
experience as well as significant experience in the healthcare
products and services industry to ZimVie’s Board of Directors.
- Sally Crawford, former Chief Operating Officer
of Healthsource, Inc., a publicly held managed care organization,
from its founding in 1985 until 1997. She serves as a member of the
boards of directors of Hologic, Inc. and Abcam plc. Ms. Crawford
brings governance experience, operational experience, and a
detailed understanding of the healthcare and managed care
industries that are relevant to ZimVie’s business.
- Vafa Jamali, President and Chief Executive
Officer of ZimVie and previously Senior Vice President and
President, Respiratory, Gastrointestinal and Informatics of
Medtronic plc. Mr. Jamali brings significant leadership experience
and public company knowledge to ZimVie’s management team and Board
of Directors.
- David King, former Chief Executive Officer of
Labcorp, a leading global life sciences company, from 2007 to 2019.
He serves as a member of the board of directors of Privia Health,
as the Board Chair of PATH, and as a member of the advisory board
for Duke University’s Robert J. Margolis, MD Center for Health
Policy. Mr. King brings extensive executive and medical leadership
experience, a deep understanding of the healthcare industry, and
public company operational expertise to ZimVie’s Board of
Directors.
- Richard Kuntz, M.D., Senior Vice President,
Chief Medical and Scientific Officer of Medtronic plc. Dr. Kuntz
brings to ZimVie’s Board of Directors extensive experience leading
and navigating medical affairs, health policy and reimbursement,
clinical research activities, and corporate technology, as well as
clinical expertise from years of practice in internal medicine
followed by interventional cardiology.
- Karen Matusinec, former Senior Vice President,
Treasurer of McDonald's Corporation from 2011 to 2021. In that
role, she was responsible for Global Treasury, Tax, Insurance, and
Global Business Services functions. Ms. Matusinec brings
significant financial expertise and extensive experience in
treasury, tax, insurance, shared services, and risk management to
ZimVie’s Board of Directors.
ZimVie’s directors bring decades of collective healthcare
industry and finance experience to help guide the Company on its
path to improve growth and drive long-term shareholder value. For
full biographies on each of the directors, please visit ZimVie’s
investor relations website.
Terms of the Separation
Under the terms of the separation, at 12:01 a.m. Eastern time on
March 1, 2022, each Zimmer Biomet Holdings, Inc. shareholder
received one share of ZimVie common stock for every ten shares of
Zimmer Biomet common stock held as of the close of business on Feb.
15, 2022 (the record date for the distribution). Zimmer Biomet
retained approximately 19.7% of ZimVie’s common stock.
About ZimVie
ZimVie is a global life sciences leader in the Dental and Spine
markets that develops, manufactures, and delivers a comprehensive
portfolio of products and solutions designed to treat a wide range
of Spine pathologies and support Dental tooth replacement and
restoration procedures. The company was founded in March 2022 as an
independent, publicly traded spin-off of the Dental and Spine
business units of Zimmer Biomet to breathe new life, dedicated
energy, and strategic focus to its portfolio of trusted brands and
products. From its headquarters in Westminster, Colorado, and
additional facilities around the globe, the company serves
customers in over 70 countries worldwide with a robust offering of
Dental and Spine solutions, including differentiated product
platforms supported by extensive clinical evidence. For more
information about ZimVie, please visit us at www.ZimVie.com. Follow
@ZimVie on Twitter, Facebook, LinkedIn, or Instagram.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of federal securities laws, including, among others, any
statements about our expectations, plans, intentions, strategies,
or prospects. All statements other than statements of historical or
current fact are, or may be deemed to be, forward-looking
statements. Such statements are based upon the current beliefs,
expectations, and assumptions of management and are subject to
significant risks, uncertainties, and changes in circumstances that
could cause actual outcomes and results to differ materially from
the forward-looking statements. For a list and description of some
of such risks and uncertainties, see ZimVie’s registration
statement on Form 10 filed with the U.S. Securities and
Exchange Commission (SEC), including the sections of the
information statement captioned “Risk Factors” and “Cautionary
Statement Concerning Forward-Looking Statements.” These factors
should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in ZimVie’s filings with the SEC. Forward-looking statements
speak only as of the date they are made, and we expressly disclaim
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Readers of this news release are cautioned not to
rely on these forward-looking statements, since there can be no
assurance that these forward-looking statements will prove to be
accurate. This cautionary statement is applicable to all
forward-looking statements contained in this news release.
Media Contact Information:
ZimVieLaura Driscoll •
Laura.Driscoll@ZimVie.com(774) 284-1606
Investor Contact Information:
Gilmartin Group LLCMarissa Bych •
Marissa@gilmartinir.comLynn Lewis • Lynn@gilmartinir.com
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