Integra LifeSciences filed an initial Form 10 Registration Statement with the SEC to spin off SeaSpine Holdings, a global technology company focused on spinal disorder treatment.
SeaSpine includes a comprehensive portfolio of orthobiolgoics and spinal fusion hardware. "We believe that an independent SeaSpine will focus its investments on research and development and sales and marketing to drive faster growth," said Integra President and CEO Peter Arduini. "Similarly, the separation will result in faster growth for the remaining Integra businesses."
Here are six things to know:
1. SeaSpine will operate as a separate, publicly traded company. It will be traded on the NASDAQ Global Market.
2. The company is currently in the final stages of recruiting a CEO and has an experienced management team is already in place.
3. Financial statements in the Form 10 filing allocate certain expenses that have historically been held at the Integra corporate level which will be identified or allocated to SeaSpine.
4. The new company is tax-free to Integra shareholders except for cash received in lieu of fractional shares. The distribution ratios will be determined closer to the separation.
5. Integra expects the spin-off to be complete in the second half of this year.
6. SeaSpine will be headquartered in Vista, Calif.