website SafeOp
Alphatec raises $50m, acquires SafeOp Surgical (MassDevice)
Alphatec (NSDQ:ATEC) had a busy day yesterday. The spinal implant maker revealed that it paid $27 million in cash and stock to acquire SafeOp Surgical and its intraoperative neuromonitoring technology, raised $50 million to cover the tab and made a raft of personnel changes – including the installation of former NuVasive Inc. (NSDQ:NUVA) exec Pat Miles as CEO. Oh, and it reported fourth-quarter and full-year results that beat the consensus forecast on Wall Street.
Carlsbad, Calif.-based Alphatec paid $15 million up front plus 3.3 million ATEC shares, worth $11.5 million at yesterday’s $3.48-per-share closing price. The deal also involves a $3 million convertible note and warrants for 2.2 million shares at an exercise price of $3.50 apiece. Another 1.3 million ATEC shares are on table as performance milestones, Alphatec said.
“This strategic acquisition of SafeOp marks a transformational moment for the new ATEC,” Miles said in prepared remarks. “Our answer to the need for better neuromonitoring is investing in technology that automates information to enable objective clinical decision making and eradicate non...
