GMED - Globus Medical Completes Merger with NuVasive | Benzinga
—Creates leading global musculoskeletal company—
—Robust portfolio well-positioned for long-term growth and continued innovation—
AUDUBON, Pa., Sept. 01, 2023 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced it 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 Dan Scavilla, president and chief executive officer of Globus Medical. "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.
"Our combination with NuVasive is a defining moment in our company's history," said David Paul, executive chairman of Globus Medical. "I'm incredibly proud of the strong legacy we've built at Globus Medical, and I look forward to delivering on the many opportunities for our surgeon customers and their patients as a combined company."
"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," said Chris Barry, former chief executive officer of NuVasive. "I look forward to helping the combined organization transform the future of surgery."
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.
In connection with the closing of the transaction and as contemplated by the merger agreement with NuVasive, Globus Medical approved the expansion of its board of directors from eight directors to 11 directors and named the following three NuVasive board members to the Globus Medical board effective immediately: John DeFord, Ph.D., Leslie V. Norwalk, Esq., and Daniel J. Wolterman. "I am pleased to welcome John, Leslie, and Dan to the Globus Board of Directors, and look forward to working with them to build long-term value for our patients, customers, and shareholders," said David ...