Globus Medical, Inc. (NYSE: GMED) watched its shares drop Friday, on word the Audubon, Pa.-based company has completed its previously announced merger with NuVasive, Inc. The combined company will provide surgeons and patients with one of the most comprehensive offerings of musculoskeletal procedural solutions and enabling technologies to impact the care continuum.
“We’re thrilled to begin our journey together to create a leading global musculoskeletal company,” said Globus CEO Dan Scavilla,. “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 orthopedic care globally.”
The merger between Globus Medical and NuVasive combines their complementary global scale, expanded commercial reach, comprehensive portfolios in spine and orthopedics, commitment to product development and surgeon education, and increased operational capabilities. The merger also offers compelling upside revenue potential and a strong financial profile for value creation.
Globus Medical plans to discuss the closing of the merger and the anticipated benefits of the combination during its third quarter earnings conference call in November. According to this morning’s news release, “Globus Medical is committed to providing innovative technologies and industry-leading clinical support to help surgeons and healthcare providers deliver better care around the globe.”
NuVasive common stock ceased trading on the NASDAQ as of the close of trading on August 31.
GMED shares slid 44 cents to $53.66.
