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 âMaterial Adverse Effectâ 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.
âThis has been a difficult, disappointing decision,â Pat Miles, Alphatecâs chairman and CEO said in a release. âBoth 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 Alphatecâs and EOSâs 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: Omar Ford Tags: COVID-19 Orthopedics Source Type: news
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