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Integra LifeSciences to create new publicly traded spine company
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Integra LifeSciences recently announced plans to spin off its spine business to Integra shareholders on a tax-free basis.
The proposed plan will result in a new, independent, publicly traded company called SeaSpine, with an estimated $140 million of trailing 12-month revenue as of Sept. 30, 2014. The company will focus on the development, marketing and selling of a comprehensive portfolio of spine hardware and orthobiologics products, according to a company press release.
Integra plans to remain focused on providing specialty surgical solutions, orthopedics and tissue technologies to surgeons, according to the release. As part of a larger transformation strategy that began in 2012, Integra’s portfolio realignment is centered on optimizing business and accelerating growth.
SeaSpine will operate out of locations in Southern California, and Integra’s board of directors plans to name Kirt Stephenson, former CEO and co-founder of SeaSpine, as chairman of the board of directors of the new SeaSpine, according to the release.
The company anticipates completion of the transaction within 12 months.
Reference: www.integralife.com