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Zimmer Biomet said on Tuesday it would acquire medical device company Paragon 28 for about $1.1 billion to expand its portfolio of orthopedic surgical devices. The deal will give Zimmer Biomet access to Paragon's surgical implants and equipment used to treat foot and ankle ailments,

Zimmer Biomet Holdings ( ZBH, Financials) has entered into an agreement to acquire Paragon 28 ( FNA, Financials) for approximately $1.2 billion, including an equity value of $1.1 billion. Worth around $5 billion, the agreement broadens Zimmer Biomet's portfolio into the foot and ankle market.