Zimmer Biomet spins off ZimVie, stock plummets

WESTMINSTER — Zimmer Biomet Holdings Inc. (NYSE and SIX: ZBH), an Indiana  medical-device maker, spun off its Westminster-based dental and spine division Tuesday and the new company, ZimVie Inc. (Nasdaq: ZIMV), saw its stock plummet in early trading.

ZimVie opened its first day as an independent, publicly traded company with a stock price of $33.35, but by late morning in Colorado, the stock had shed more than 30% of its value. 

More than 80% of the new company’s shares were distributed among Zimmer’s existing shareholders at a rate of one ZimVie share for every 10 Zimmer shares. Zimmer is holding the remaining…