Zimmer Biomet Holdings Inc. (NYSE: ZBH) agreed to buy LDR Holding Corp. (NYSE: ZBH) for about $1 billion in cash to add surgical technologies for the treatment of patients with spine disorders.

The $37-a-share offer has been approved by both boards, the companies said in a statement Tuesday. That represents a 64 percent premium to LDR’s Monday closing price of $22.58. LDR’s shares have lost 49 percent in the last 12 months.

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