SeaSpine Holdings (NSDQ:SPNE) closed its spinout from Integra LifeSciences (NSDQ:IART) and began trading today on the NASDAQ exchange.
Plainsboro, N.J.-based Integra revealed its plan to shed the spine business last November, saying it planned for SeaSpine to become a stand-alone, publicly traded company to focus on its surgical solutions, orthopedics and tissue technology businesses.
Integra acquired Vista, Calif.-based SeaSpine for $89 million in 2011, doubling its distribution footprint and customer base in the U.S. spine market. SeaSpine co-founder and former CEO Kirt Stephenson is in line to be named chairman of the company’s latest iteration.
“We believe that an independent SeaSpine will focus its investments on research and development and sales and marketing to drive faster growth. Similarly, the separation will result in faster growth for the remaining Integra businesses, Specialty Surgical Solutions and Orthopedics and Tissue Technologies,” Integra president & CEO Peter Arduini said in April.
“Today marks a meaningful milestone for SeaSpine, as we reposition the company for innovation and growth,” president & CEO Keith Valentine said in prepared remarks. “We are well positioned in the spine market with a leading orthobiologics platform, a robust R&D pipeline with several novel product launches expected this calendar year, and a strong balance sheet with $47 million of cash and no debt post-spin to fund growth initiatives. We are confident in our ability to deliver long-term growth and value creation to our shareholders as an independent company.”
