Globus Medical, NuVasive enter agreement to combine in an all-stock transaction
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Globus Medical and NuVasive announced a definitive agreement to combine in an all-stock transaction.
“This transaction reflects our mission to become the leading musculoskeletal technology company in the world by developing products that promote healing in patients with musculoskeletal disorders,” Dan Scavilla, president and CEO of Globus Medical, said in a company press release. “With NuVasive, we can help support more patients through leading innovation and expanding our commercial reach to provide superior service to our surgeon and hospital partners. We look forward to combining the NuVasive and Globus Medical teams to capitalize on the many opportunities to improve patient care and create sustainable shareholder value.”
Under the terms of the agreement, NuVasive shareholders will receive three-fourths of a share of Globus Medical Class A common stock for each share of NuVasive common stock owned at the closing of the transaction, according to the release. NuVasive shareholders will own approximately 28% of the combined company and Globus Medical shareholders will own approximately 72% on a fully diluted basis following the close of the transaction. The release noted the transaction is expected to close in the middle of 2023, subject to the approval of shareholders for the companies, regulatory approval and other customary closing conditions.
“Our combination with Globus Medical is transformative, joining two companies with highly complementary capabilities, geographic footprints and customer bases,” Chris Barry, CEO of NuVasive, said in the release. “Together, we will be able to offer an exceptional portfolio of clinically proven solutions, supported by strong commercial and surgeon education teams. The new company will be well-positioned to deliver value creation for shareholders, further support our surgeon partners — and most importantly, change the lives of more patients.”
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