Integra LifeSciences Acquires SeaSpine for $89M
BY LAUREN UZDIENSKI, MAY 24, 2011
Integra LifeSciences acquired SeaSpine for $89 million in cash, about 1.8x the company's 2010 sales. The company says the transaction offers scale in spine and doubles Integra's distribution footprint and customer base in the U.S. spine hardware market.
SeaSpine is based in Vista, California and manufactures a range of anterior and posterior fusion implants. Their products are sold across the U.S. and in select markets in Europe, and the company recorded $50 million in revenues in 2010. With the addition of SeaSpine, spine and orthobiologics are the largest revenue segment of the company's orthopedics division.
In the press release, Integra praised the company's portfolio and experienced senior management team. In conjunction with the acquisition, former SeaSpine President Kirt Stephenson and the management of SeaSpine joined the leadership team at Integra. Mr. Stephenson assumed the role of President of U.S. Spine, reporting to Brian Larkin, President, Global Spine & Orthobiologics and Head of Strategic Development.
