BUZZ-Paragon 28 rises on Zimmer Biomet's $1.1 billion buyout offer

Shares of surgical implants maker Paragon 28 FNA.N rise ~9.5% to $13.14 premarket

Medical device maker Zimmer Biomet ZBH.N said late on Tuesday it will acquire Paragon 28 for about $1.1 billion

The deal will give Zimmer access to Paragon's surgical implants and equipment used to treat foot and ankle ailments

Brokerage Truist says the deal makes "strategic sense" for Zimmer as "foot and ankle" is a faster growing subsegment of the orthopedic market

Zimmer will make an upfront payment of $13.00/shr in cash, which represents an 8.3% premium to Paragon's closing price on Tuesday

Up to last close, stock down 2.3% in the last 12 months