Musculoskeletal solutions company Globus Medical has concluded the previously announced merger with spine technology company Nuvasive.
In February of this year, Globus Medical agreed to acquire Nuvasive in an all-stock transaction valued at approximately $3.1bn.
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The merged company will offer an extensive range of musculoskeletal procedural solutions and technologies to surgeons and patients, making a significant impact on the continuum of care.
Globus Medical president and CEO Dan Scavilla said: “We’re thrilled to begin our journey together to create a leading global musculoskeletal company.
“With a relentless focus on changing patient lives, we’re combining our differentiated portfolios and talented teams to reach more customers as we advance spine and orthopaedic care globally.”
The merger of Globus Medical and NuVasive unites their global presence, commercial reach and extensive spine and orthopaedic portfolios.
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By GlobalDataIt will also help improve product development, surgeon training and operational capacity.
Furthermore, the merger is expected to provide a better opportunity for increased revenue and a robust financial foundation to generate value.
Globus Medical has approved its board of directors’ expansion from eight members to 11, in connection with the transaction’s completion and following the terms outlined in the merger agreement with NuVasive.
Three members from NuVasive’s board, John DeFord, Leslie Norwalk and Daniel Wolterman, have been appointed to the Globus Medical board with immediate effect.
NuVasive’s former CEO Chris Barry said: “The combination with Globus Medical is highly transformative – bringing together two leading companies with a shared vision to change the lives of more patients around the globe.”
