Globus Medical's $3 bln deal for NuVasive to fortify spinal business spooks investors

📆 10/02/2023 00:40:00
📰 Reuters

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Globus Medical Inc said on Thursday it would acquire peer NuVasive Inc in an all-stock deal valued at about $3 billion to build scale in the competitive market for spinal devices.

in an all-stock deal valued at about $3 billion to build scale in the competitive market for spinal devices.

NuVasive shareholders will receive 0.75 of Globus shares, implying a per-share offer of $57.72 and a premium of about 26% to Wednesday's close. Shares of Globus Medical fell more than 17%, with analysts raising concerns around deals in spinal device space.Similar deals in the spinal device market, such as Stryker

acquiring K2M Group and several others, have had more revenue "dis-synergies and loss of integration" than other areas of medtech over the years, said Baird analyst Jeffrey Johnson."To double-down on spine is somewhat surprising in our view and adds a lower growth organization," said BTIG analyst Ryan Zimmerman.

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NuVasive rallies while Globus Medical moves down after companies announce all-stock merger dealGlobus Medical said Thursday it will pay 0.75 a share of its stock for each share of NuVasive stock in a deal that values NuVasive at about $3.1 billion or...
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