Alphatec Spine Receives Board Approval to Acquire Assets of Spine Implant Business (press release)
CARLSBAD, Calif., Sept. 27, 2012 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (ATEC), the parent company of Alphatec Spine, Inc. (the "Company"), announced today that its board of directors has approved the Company's plans to acquire certain assets of Phygen, LLC, a spinal implant manufacturer based in Irvine, CA. The purchase price for the assets is approximately $15.2 million in stock and cash. On August 7, 2012, Alphatec Spine first announced that it had signed a letter of intent to acquire the assets of the company.
"Since becoming CEO of Alphatec Spine earlier this year, our growth strategy for 2012 and beyond includes a focus on new product launches and acquisitions," said Les Cross. "We have since launched new products such as our BridgePoint(TM) Spinous Process Fixation System, acquired exclusive U.S. distribution rights to market a synthetic bone growth biologic under our own brand name of Alphatec NEXoss(TM) and we have plans to acquire certain assets of Phygen, LLC, which we hope to close shortly. It is clear we are executing our new business strategy."
Noted Neurosurgeon, M...
