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Globus Medical (GMED) completed its acquisition of the international operations and distribution channels of Alphatec Spine (ATEC) for US $80.0MM in cash. GMED will also provide a five-year senior secured credit facility of up to $30.0MM. Further, ATEC entered into an agreement to supply its products to GMED for up to five years.
ATEC is now focused solely on the U.S. market, which the company believes comprises 65% of the world's spinal fusion market.
Presently, ATEC's U.S. market products include Arsenal™ Degenerative, Arsenal Deformity and Battalion™ Universal Interbody. In August 2016, ATEC obtained U.S. clearance for its new XYcor® Expandable Spinal Spacer, which is slated for 2016 launch. ATEC has also progressed in its initiative to outsource its manufacturing operations.
Sources: Alphatec Spine, Inc.; Globus Medical, Inc.; ORTHOWORLD Inc.