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Integra LifeSciences acquires SeaSpine
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Integra LifeSciences Holdings Corporation announced in a press release that it has acquired SeaSpine Inc., a provider of spine fusion market products, for $89 million in cash, subject to certain post-closing adjustments.
After the combination, the spine and orthobiologics portfolio is now the largest component of Integra's Orthopedics revenue category, according to a company release.
SeaSpine develops and distributes a full range of spinal fixation products, including hardware and biologics. The company, based in Vista, California, offers its products to customers across the U.S. and in select markets in Europe. The addition of the SeaSpine business effectively doubles Integra's distribution footprint and customer base in the U.S. spine hardware market, the release noted.
“SeaSpine is an ideal strategic fit for Integra, as the combination brings together two well-respected innovators in the spinal fusion market,” Stuart Essig, Integra’s chief executive officer, stated in the release. “Integra has a track record of successfully executing on and integrating strategic transactions, and we expect to realize the benefits of this combination in both our top line growth and earnings per share over the long-term.”
Kirt Stephenson, formerly the president of SeaSpine, has joined Integra as president of U.S. Spine. Along with Stephenson, the management of SeaSpine will join the leadership team at Integra.