Press release
Orthofix and SeaSpine to Combine in Merger of Equals to Create Leading Global Spine and Orthopedics Company
Highly complementary spine and orthopedics portfolios One of the industry’s broadest biologics and regenerative technology offerings Differentiated and
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nHighly complementary spine and orthopedics portfolios\n\n\nOne of the industry’s broadest biologics and regenerative technology offerings\n\n\nDifferentiated and synergistic enabling technologies\n\n\nMeaningful cross-selling revenue synergies and cost savings\n\n\nFinancial strength to pursue growth investments without need for immediate equity financing\n\n\nExpected to be adjusted EBITDA accretive to Orthofix by the second year following close including cost savings\n\n\nCompanies to host joint conference call and webcast today at 8:00 a.m. ET\n\n\n LEWISVILLE, Texas & CARLSBAD, Calif.--(BUSINESS WIRE)--\nOrthofix (NASDAQ: OFIX), a global medical device company with a spine and orthopedics focus, and SeaSpine (NASDAQ: SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced they have entered into a definitive agreement to combine in an all-stock merger of equals.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221011005510/en/\nThe combined company, to be named prior to the transaction’s closing, will be a leading global spine and orthopedics company with highly complementary portfolios of biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions and a leading surgical navigation system. With products distributed in 68 countries world-wide, approximately 1,600 employees and a global R&D and manufacturing footprint, the new company would have revenues of approximately $693 million as of the twelve months ended September 30, 2022.\n\nUnder the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, SeaSpine shareholders will receive 0.4163 shares of Orthofix common stock for each share of SeaSpine common stock owned. Following the close of the transaction, Orthofix shareholders will own approximately 56.5 percent of the combined company, and SeaSpine shareholders will own approximately 43.5 percent of the combined company, respectively, on a fully diluted basis.\n\n“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,” said Jon Serbousek, Orthofix President and Chief Executive Of...