Integra LifeSciences Announces the Filing of the Form 10 Registration Statement for the Planned Spin-off of the Orthobiologics and Spinal Fusion Hardware Business, SeaSpine
PLAINSBORO, N.J., April 1, 2015 (GLOBE NEWSWIRE) — Integra LifeSciences Holdings Corporation (Nasdaq:IART) today announced the filing of an initial Form 10 Registration Statement with the Securities and Exchange Commission (“SEC”) in connection with its previously announced plan to spin off SeaSpine Holdings Corporation. SeaSpine, a global medical technology company focused on surgical solutions for the treatment of spinal disorders, has a comprehensive portfolio of orthobiologics and spinal fusion hardware. SeaSpine will be headquartered in Vista, California, near San Diego.
Peter Arduini, Integra’s President and Chief Executive Officer, said, “We believe that an independent SeaSpine will focus its investments on research and development and sales and marketing to drive faster growth. Similarly, the separation will result in faster growth for the remaining Integra businesses, Specialty Surgical Solutions and Orthopedics and Tissue Technologies.”
“The SeaSpine team is energized about the opportunity to operate as a separate, publicly traded company,” said Kirt Stephenson, future Chairman of SeaSpine’s Board of Directors. “The prospects of returning SeaSpine to a growth trajectory are compelling. We are in the final stages of recruiting a strong leader to be the Chief Executive Officer, and we have an experienced management team in place. SeaSpine will embark as an independent company with a leading orthobiologics portfolio, a broad spinal fusion hardware portfolio, and a pipeline of differentiated hardware products.”
The Form 10 filing provides important information about the transaction and SeaSpine’s operations, including an overview of the business and SeaSpine’s competitive strengths, strategies, risk factors and historical financial statements. The financial statements include the allocation of certain expenses that have historically been held at the Integra corporate level, but which are specifically identified or allocated to SeaSpine. As such, the historical financial results may not reflect what SeaSpine’s financial performance would have been, had it been a separate, independent company during the periods presented.
