** 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

(Reporting by Christy Santhosh)

((Christy.Santhosh@thomsonreuters.com))