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,

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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.