A leading global spine and orthopedics company will be created as a result of the merger of Orthofix and SeaSpine, the companies have announced.
Following the consent of the stakeholders of each business at their respective special meetings of stockholders conducted today, Orthofix Medical Inc. and SeaSpine Holdings Corporation today announced the successful completion of their previously announced merger of equals. In the vote count, 99% of the common shares of SeaSpine and 98% of the common shares of Orthofix were cast in favour of the merger.
In accordance with the terms of the merger, a wholly-owned subsidiary of Orthofix will merge with and into SeaSpine at 12:01 a.m. Eastern Standard Time on January 5, 2023, with SeaSpine remaining the surviving entity and a wholly-owned subsidiary of Orthofix. At 8:00 p.m. Eastern Standard Time today, SeaSpine shares will no longer be traded on the Nasdaq Global Select Market. Holders of SeaSpine common stock will exchange their holdings for 0.4163 shares of Orthofix common stock. In the combined company structure, Orthofix will continue to trade on NASDAQ under the ticker symbol “OFIX” as the corporate parent entity. The united business will initially operate under the name Orthofix Medical Inc. before changing its name later.
With a complementing range of biologics, cutting-edge spinal hardware solutions, market-leading bone development therapies, specialist orthopaedic solutions, and a top surgical navigation system, Orthofix as a whole is a leading global spine and orthopaedics company. The company employs about 1,600 people, has a global R&D, commercial, and manufacturing footprint, and sells its goods in 68 different countries.
“The completion of this merger catalyzes our ambition to be an industry leader in spine and orthopedics”, “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.”
Keith Valentine, President and CEO, Orthofix
“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.”
Jon Serbousek, Executive Chairman of the combined company’s Board of Directors