Where 4 devicemaker mergers, spinoffs stand

Spinal Tech

The spine and orthopedic medtech space has been rife with major deals from acquisitions to spinoffs in recent years.

Here's how four high-profile deals have progressed in 2023:

Medtronic: Medtronic announced plans in October to create two spinoffs with its patient monitoring and respiratory interventions lines. That plan remains likely to continue. However, the company doesn't have any more spinoff plans for the year, CEO Geoff Martha said in January. 

IMAC Holdings: IMAC Holdings, which was behind The BackSpace retail spine group, sold the company to Curis Functional Health in March. The handoff comes less than a year after The BackSpace completed a pilot at Walmart locations in April 2022. Later in March, IMAC Holdings merged with Brain Scientific.

Globus Medical and NuVasive: The anticipated union between Globus Medical and NuVasive is delayed. It will likely close in the third quarter of 2023 instead of mid-year, CEO Dan Scavilla said in a May 4 first quarter earnings call. Shareholders approved the merger,  and the companies are working with the FTC to address questions. 

Bioventus: Bioventus has exercised its call option to acquire Israeli devicemaker CartiHeal for up to $450 million in April, 2022. But in February, The orthopedic medtech company reached a new settlement with former CartiHeal shareholders. Under the agreement, Bioventus could transfer back ownership to eliminate $350 million of deferred purchase price obligations and accrued interest. 

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