Globus Medical (NYSE:GMED) announced today that that it completed its previously announced acquisition of Nevro.
In February, Audobon, Pennsylvania-based Globus agreed to acquire all shares of Nevro in an all-cash transaction. Terms include a payment of $5.85 per share, with the deal’s total equity value reaching approximately $250 million.
“We are excited to begin the journey of accelerating market penetration of Nevro’s differentiated high-frequency technology and bringing a much-needed treatment option to patients suffering from chronic pain,” said Dan Scavilla, president and CEO of Globus Medical.
Nevro develops implantable spinal cord stimulation (SCS) technology. It also offers sacroiliac (SI) joint fusion platforms. The company’s HFX iQ SCS system utilizes AI, high-frequency (10 kHz) therapy and ongoing cloud insights to deliver personalized pain relief.
Globus Medical said its acquisition further expands its presence in the musculoskeletal market. The company views it as a $2.5 billion market opportunity. It says the move positions it to further add to the product portfolio “with the potential to alter the standard of care in the neuromodulation space and beyond.”
The company plans to share more details on the deal’s closing and the anticipated benefits during its first-quarter earnings call in May. Meanwhile, Nevro stock ceased trading on the New York Stock Exchange prior to the market opening today.
