Embody Inc.

Zimmer Biomet announced an agreement to acquire medical device company Embody, which focuses on soft tissue healing, in a transaction worth up to $275 million.

Zimmer Biomet has reached a definitive agreement to acquire Embody, a medical device company focused on soft tissue healing, for $155 million at closing plus up to $120 million in milestone payments. The acquisition strengthens Zimmer Biomet's sports medicine portfolio.

Embody Inc. will invest $5 million to expand its headquarters in Norfolk, Virginia, adding 10,000 square feet and creating 92 new jobs to increase product research and development capabilities.