Orthofix, SeaSpine announce merger to create new orthopedics, spine company
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Orthofix and SeaSpine have announced a definitive agreement to combine in an all-stock merger of equals and form a new orthopedics and spine company to be named prior to the transaction closing, according to a press release.
The combined company will be led by a board of directors from both organizations. According to the release, Jon Serbousek will serve as executive chair of the board, and Keith Valentine will serve as president, CEO and member of the board.
“This transaction significantly advances our mission to deliver innovative, quality-driven solutions that make us a partner of choice for surgeons in their work to improve patient mobility,” Serbousek, president and CEO of Orthofix, said in the release. “The combined company’s broad portfolio of technology, expanded commercial capabilities and ability to make greater investments in innovative solutions provide a clear roadmap for sustainable, top-tier growth and increased competitiveness across a broad spectrum of products and services. We look forward to capitalizing on this merger’s tremendous value creation opportunities,” Serbousek added.
“This transaction brings together two complementary organizations to create an industry leader with the immediate financial strength to self-fund investments that deliver both growth and better patient outcomes,” Valentine, president and CEO of SeaSpine, said in the release, “We are excited about the value we can create for the combined company’s shareholders, the new opportunities opened for employees and our ability to now provide surgeons and hospital partners a complete procedural solution using cutting-edge technology at every level.”
At the close of the transaction, Orthofix shareholders will own 56.5% of the combined company, while SeaSpine shareholders will own 43.5% of the combined company, according to the release.
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