Spine surgery tech company SeaSpine Holdings (NASDAQ: SPNE) has agreed to acquire privately-held 7D Surgical for $110 million.
The planned merger, announced March 22, comes more than a year after SeaSpine entered into a strategic alliance agreement to distribute Toronto-based 7D Surgical’s flagship navigational system.
7D Surgical has developed and commercialized advanced machine-vision-based registration algorithms to improve surgical workflow and patient care, with applications in spine and cranial surgeries. The 7D system can complete the entire patient registration process in less than 30 seconds, versus the 30 minutes typical with traditional systems, according to the companies.
“We believe that participation in the patient’s complete continuum of care, coupled with an industry-leading safety profile for the surgeon, the surgical support team, and the patient, will accelerate our market-share-taking strategy. As we know, surgeons can reach their occupational limit of radiation in as little as 10 years. We believe the 7D platform, combined with our now-comprehensive spinal implant and orthobiologics portfolios, will lead the way in advancing spine surgery while making everyone safer in the surgical environment,” SeaSpine CEO Keith C. Valentine said in a news release.
The deal is expected to close in the second quarter of 2021, subject to regulatory, court, shareholder and other approvals.