Monogram Technologies rises on Zimmer Biomet's buyout deal

Shares of robotic firm Monogram Technologies MGRM.O jump 78.66% to $5.80 premarket

Zimmer Biomet ZBH.N will acquire robotics firm Monogram Technologies MGRM.O for about $177 million, companies say

The deal will allow ZBH to broaden its robotics platform and gain access to MGRM's semi-autonomous knee replacement technology

MGRM stockholders will receive $4.04 per share in cash upfront, which represents a premium of 22.8% to its last close

The deal also includes up to $12.37 per share in contingent value rights, if certain milestones are met by 2030

The deal is expected to close later this year

Up to last close, MGRM up 38.8% YTD