NuVasive gains on $3.1 bln acquisition deal with Globus Medical

NuVasive

09/02/2023 12:30

** Shares of spine-related medical device maker NuVasive Inc
 NUVA.O  rise 11.9% at $51.2 before the bell
    ** Globus Medical Inc  GMED.N  said it was acquiring NUVA in
an all-stock deal valued at $3.1 bln
    ** NUVA shareholders will receive 0.75 of Globus' share,
which implies a stock price of $57.72 for NuVasive, representing
a premium of about 26% to its last close 
    ** San Diego-based NUVA was first approached by GMED with an
acquisition offer in November 2021
    ** Following deal close, NUVA shareholders will own about
28% of the combined company, and GMED shareholders will own
about 72%
    ** NUVA acquired Simplify Medical in 2021 with a $150 mln
upfront payment to expand its cervical spine technology
portfolio
    ** In 2022, NUVA stock was down 21.4% 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))