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NuVasive enters agreement to acquire Biotronic NeuroNetwork
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NuVasive Inc. announced it has entered into a definitive agreement to acquire Biotronic NeuroNetwork for $98 million in cash, according to a company press release.
The transaction was approved by the board of directors for both companies. With the acquisition, NuVasive will enhance its spine service line and reportedly double its service business across the United States. According to the release, the transaction will be closed early July 2016.
“We are extremely excited about this combination, as it more than doubles NuVasive’s neurophysiology footprint, creating an at-scale services business with improved growth and operational benefits. The addition of Biotronic enhances our service offerings and provides enormous potential to deliver greater integration across our procedurally integrated portfolio, which uniquely differentiates NuVasive in the markets we serve,” Gregory T. Lucier, chairman and chief executive officer of NuVasive, said in the release. “We believe NuVasive is better positioned than ever to build off the strong foundation established in early 2015 when we aligned our U.S. field personnel to form a combined sales and services organization, including the integration of the company’s neurophysiology services offering.”
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