Alphatec Pulls Out of Deal to Acquire EOS Imaging

Alphatec is pulling out of its agreement to acquire EOS Imaging because of negative impacts on the market caused by the novel coronavirus [COVID-19]. Carlsbad, CA-based Alphatec said based upon its assessment, it concluded that a “Material Adverse Effect” has occurred, resulting in circumstances that are no longer conducive to the completion of the transaction described in the terms of agreement. Instead, Alphatec said the door is open for the two companies to collaborate. The surgical spine specialist announced in late February that it would pick up EOS Imaging for $88 million, plus debt retirement for $33.9 million, in a combination of cash and equity. Paris-based EOS Imaging develops low dose 2D/3D full body and weight-bearing imaging, rapid 3D modeling of EOS patient X-ray images, web-based patient-specific surgical planning, and integration of the surgical plan into the operating room. “This has been a difficult, disappointing decision,” Pat Miles, Alphatec’s chairman and CEO said in a release. “Both companies have worked so hard and so cooperatively, over many months, to bring this transaction together. While the acquisition is no longer feasible as contemplated, I continue to believe that Alphatec’s and EOS’s interests are best served through a strategic collaboration. I have shared my belief with EOS leadership, and look forwa...
Source: MDDI - Category: Medical Devices Authors: Tags: COVID-19 Orthopedics Source Type: news