Globus Medical to acquire NuVasive for $3.1bn

Globus Medical to acquire NuVasive for $3.1bn

Time Stamp: February 10, 2023 4:45 AM
Source Node: 1953724

<!–

–>

NuVasive is a spine technology firm that offers less-invasive and procedurally integrated surgical solutions. Credit: Kenny Eliason / Unsplash.

Musculoskeletal solutions company Globus Medical has signed an agreement to acquire spine technology firm Nuvasive in an all-stock transaction valued at around $3.1bn.

According to the terms of the deal, shareholders of NuVasive will secure 0.75 of a share of Globus Medical Class A common stock for each owned share of NuVasive common stock after the closure of the transaction.

Upon completion of the deal, Globus Medical shareholders will hold a stake of around 72% in the combined company, on a completely dilutive basis, while NuVasive shareholders will own the remaining 28% interest.

NuVasive CEO Chris Barry said: “Together, we will be able to offer an exceptional portfolio of clinically proven solutions, supported by strong commercial and surgeon education teams.”

Generating more than $1bn in net sales, NuVasive offers less-invasive and procedurally integrated surgical solutions.

Established in 2003 and based in Audubon, Pennsylvania, US, Globus Medical is engaged in the development of products for patients with musculoskeletal disorders.

With more than 5,000 employees, the entities will now share operations in over 50 countries.

The deal is expected to help boost both of the firm’s globalisation strategies and target the $50bn musculoskeletal market.

Globus Medical president and CEO Dan Scavilla said: “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.”

Subject to the approval of both company’s shareholders, regulatory approval and other customary closing conditions, the deal is expected to be completed in the middle of the year.

Once the deal concludes, the combined firm will consist of an 11-member board, including eight directors from Globus Medical’s board and three directors from NuVasive’s board.

<!– GPT AdSlot 3 for Ad unit 'Verdict/Verdict_In_Article' ### Size: [[670,220]] —

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-8581390-1’); });

!– End AdSlot 3 –>

Time Stamp:

More from Medical Device Network