Orthofix and SeaSpine today completed its previously announced merger of equals to create a global spine and orthopedics company.
Under the terms of the agreement, Orthofix will merge with SeaSpine and SeaSpine will continue as the surviving company and a wholly-owned subsidiary of Orthofix. SeaSpine shares also ceased trading on the Nasdaq global market this morning.
Holders of SeaSpine common stock will receive 0.4163 shares of Orthofix common stock for each share of SeaSpine common stock owned. The combined companies will continue to trade on the Nasdaq under the symbol OFIX.
The two companies plan to rename the merged company at a later date, but it will be Orthofix Medical until then. The combined company will market spine and orthopedics with a complementary portfolio of biologics, spinal hardware solutions, market-leading bone growth therapies, specialized orthopedic solutions and a surgical navigation system.
“The completion of this merger catalyzes our ambition to be an industry leader in spine and orthopedics,” President and CEO Keith Valentine said in a news release. “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.”
Combining leadership teams
The new board of directors for the combined company consists of:
- Jon Serbousek, Executive Chair (most recently president and CEO, Orthofix)
- Keith Valentine, Director, President and CEO (most recently president and CEO, SeaSpine)
- Cathy Burzik, Lead Independent Director (former president, and CEO, Kinetic Concepts, Inc.)
- Stuart Essig, Ph.D., Independent Director (managing sirector, Prettybrook Partners LLC)
- Jason Hannon, Independent Director (president, and CEO, Mainstay Medical International plc)
- John Henneman, III, Independent Director (former CFO, Integra Lifesciences Holdings)
- James Hinrichs, Independent Director (co-founder, Atmas Health)
- Shweta Singh Maniar, Independent Director (global leader, healthcare & life science solutions and strategy, Google Cloud)
- Michael Paolucci, Independent Director (executive vice president, chief people officer, Mirati Therapeutics)
The new executive leadership team will include:
- Suzanne Armstrong, Chief Human Resources Officer
- John Bostjancic, Chief Financial Officer
- Roberto Donadello, Senior Vice President, Global Operations
- Kim Elting, President, Global Orthopedics
- Ehab Esmail, Senior Vice President, Global Quality, Regulatory and Clinical Affairs
- Kevin Kenny, President, Global Spine
- Patrick Keran, Chief Legal Officer
- Tyler Lipschultz, President, Global Biologics
- Beau Standish, President, Global Enabling Technologies
“With broad, differentiated technologies, extensive commercial reach and a strong financial profile, we expect our combined company to drive meaningful market share gains, sustainable growth and value creation. We look forward to setting new standards of innovation and delivering on the many benefits we expect to provide for our shareholders, surgeons and employees,” Serbousek said in a news release.
The merger was previously announced in October 2022. Orthofix is already the 10th largest orthopedic device company in the world, according to a recent MassDevice analysis.
Shares in OFIX were down 1.63% to $22.39 apiece in premarket trading.