Orthofix Medical Inc. and SeaSpine Holdings Corporation have completed their previously announced merger of equals.
The merger was approved at a special meeting of Orthofix and SeaSpine stockholders, respectively. Of votes cast, according to each company, “99% of SeaSpine common shares were voted in approval of the merger, and 98% of Orthofix common shares were voted in approval of the merger.”
Under the terms of the merger, “a wholly-owned subsidiary of Orthofix will merge with and into SeaSpine, with SeaSpine continuing as the surviving company and a wholly-owned subsidiary of Orthofix.” SeaSpine shares have ceased trading on the NASDAQ Global Select Market and “holders of SeaSpine common stock will receive 0.4163 shares of Orthofix common stock for each share of SeaSpine common stock owned.”
Orthofix remains as the corporate parent entity and, until the combined company is renamed, the combined company will be known as Orthofix Medical, Inc. Orthofix will continue to trade on NASDAQ.
The newly merged company is a global spine and orthopedics company with a “comprehensive portfolio of biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions and a leading surgical navigation system.” It has 1,600 employees and its products are distributed in 68 countries across the globe.
The merger included a number of leadership changes. Keith Valentine, who served as the SeaSpine president and CEO since 2015, was appointed director, president, and CEO following the merger. In the press release, Valentine commented, “The completion of this merger catalyzes our ambition to be an industry leader in spine and orthopedics.”
Valentine continued, “I’m privileged to lead this talented team and excited for all of the opportunities that lie ahead. Together we are stronger and better positioned to deliver innovative, quality-driven solutions for surgeons in their work to improve patients’ lives.”
Jon Serbousek is now the executive chairman of the Orthofix Board of Directors. Serbousek most recently served as Orthofix president and CEO.
For OTW’s previous coverage of the merger, see “Orthofix and SeaSpine Decide to Merge.”
