ZimVie stock launched into breakout territory Thursday on a report dental implant maker Osstem Implant is nearing a deal to buy it.
South Korea-based Osstem has submitted its final bid for ZimVie, Bloomberg reported citing unnamed sources.
The company is now lining up the financing to back the takeout. ZimVie spun out from Zimmer Biomet in 2022. It took Zimmer's spine and dental business.
A ZimVie representative declined to comment. Representatives of Osstem didn't immediately return a request for comment from Investor's Business Daily.
ZimVie had a market cap of around $517 million at Wednesday's close. On the stock market today, ZimVie stock jumped 12.5% to 21.31. Shares broke out of a consolidation with a buy point at 20.91, according to MarketSurge.
ZimVie stock has a strong IBD Digital Relative Strength Rating of 93 out of a best-possible 99. The RS Rating measures a stock's 12-month performance. This puts ZimVie shares in the leading 7% of all stocks regardless industry group.
Osstem voluntarily delisted from the Korea stock market in 2023.
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