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[Oct 2006]
Alphatec to Combine With Technology Leader Scient'X
Alphatec Holdings Inc (Carlsbad, CA, USA), a spinal device company that provides customised products and a broad suite of spine fusion solutions, has announced that it has signed an agreement to combine with spinal product innovator Scient'X, a company that operates in over 30 countries and is the second largest spinal implant company in France and the fifth largest in Europe. The combination forms one of the largest independent spine companies in the world.
Alphatec Chairman John Foster said: "Scient'X is an innovator in spine, having introduced PEEK spacers in 1997; dynamic stabilization in 1996; and the first ceramic-on-ceramic cervical disc. Furthermore, the companies are well known to each other and fit well together with respect to corporate culture, geographic coverage, product line, manufacturing, growth rate, R&D and physician relationships. Finally, the acquisition reflects further successful strategy execution which combines a strong physician service platform and technology leadership".
The transaction principally consists of the purchase of the controlling share of Scient'X from the French company Ideal Medical Products giving majority ownership to Alphatec, which will immediately combine the companies' operations and product lines.
Ronald Hiscock, President and CEO of Alphatec, stated: "This event is transformational for Alphatec and positions our combined enterprise to be a global leader in the spine sector. Our strategy has been to develop a corporate platform capable of substantial growth and to then create an engine for innovation. The integration of Scient'X talent, products and technology completes the initial phase of strategy development.
"The cross-selling opportunities of this combination are evident and substantial. We will gain access to numerous European and other international markets for Alphatec products and technologies. In addition, the Scient'X products dovetail well with our existing product lines enabling us to bring a stream of innovative products to the US market. We are excited to begin working with Olivier Carli and the rest of the Scient'X leadership and its global network of physicians as we collectively pursue our goal to be the global leader in spine innovation."Formed in 1989, Scient'X is recognised worldwide as a spinal product innovator, having invented several devices used everyday in spinal fusion and other surgeries. It was the first company to introduce PEEK spacers, which are now a standard of care in fusion procedures. Scient'X also introduced the first posterior dynamic stabilisation product, which is now in its second generation. In addition, Scient'X was the first company to introduce a ceramic-on-ceramic artificial disc designed for motion preservation. Scient'X currently sells more than 25 distinct products for the treatment of spine disorders, 15 of which are sold in the United States.
Olivier Carli, Chairman of the Board and General Manager of Scient'X stated: "We are very pleased with this transaction, which will allow Scient'X to access Alphatec's United States distribution platform and surgeon relationships. The combination will also allow the European and American management teams to work together to accelerate product development and continue to build the Scient'X franchise in Europe and abroad." As Vice Chairman of the combined enterprise and a member of the Alphatec board of directors, Mr Carli will continue to be at the forefront of Alphatec's interaction with physicians, managing operations in Europe and certain other international markets.
www.alphatecspine.com
ENDS