Integra Lifesciences Divests Spine Business (HealthPointCapital)
Original announcement… Integra LifeSciences spins-off its Spine and Biologics Businesses
Integra LifeSciences announced the spin-off of its Spine business to Integra shareholders on a tax-free basis, creating a new publicly traded spinal hardware and orthobiologics company called “SeaSpine Holdings Corporation” (SeaSpine).
Under the terms of the separation, SeaSpine common stock will be distributed on July 1, 2015 to Integra stockholders of record as of June 19, 2015, the record date for the distribution. Integra stockholders will receive one share of SeaSpine common stock for every three shares of Integra common stock held by such holders.
SeaSpine will concentrate on developing a product portfolio of spinal hardware solutions, including interbody devices, minimally invasive surgery solutions, and deformity correction products, as well as IsoTis, an orthobiologics brand which consists of a full range of osteoconductive and osteoinductive solutions utilizing demineralized bone (DBM), and synthetic matrices. SeaSpine will have approximately $140 million in revenues.
The SeaSpine stock will be listed on the Nasdaq Global Market (NasdaqGM) under the ticker symbol “SPNE”. Neither Integra nor SeaSpine will have any ownership interest in the other company