San Diego spine tech company NuVasive lays off 157 workers – San Diego Union-Tribune
San Diego spine tech company NuVasive lays off 157 workers – San Diego Union-Tribune
Author: Natallie Rocha
Published on: 2024-01-26 17:54:18
Source: Technology – San Diego Union-Tribune
Disclaimer:All rights are owned by the respective creators. No copyright infringement is intended.
Local medical technology firm NuVasive laid off 157 workers in San Diego following the completion of its $3.1 billion merger with Globus Medical.
Last year, Philadelphia-based Globus Medical acquired NuVasive — a similarly sized competitor in the roughly $50 billion musculoskeletal technology market. The San Diego company develops commercial technology, instruments and educational tools for spine surgeons.
NuVasive notified workers on Jan. 3 of the layoffs, which included engineers, management positions and administrative jobs. The last day for these employees is March 5, according to NuVasive’s Worker Adjustment and Retraining Notification Act (WARN) filing to the state.
The WARN notice also says the San Diego campus will remain open after the layoffs.
Globus Medical did not return a request for comment.
San Diego spine surgery firm NuVasive acquired by rival Globus Medical in $3.1B dealNuVasive was founded in 1997 and is headquartered on a hilltop in Sorrento Mesa. The company employed approximately 2,500 people within the United States and 500 around the globe as of Dec. 31, 2022.
Globus Medical purchased NuVasive last February in an all-stock deal. When the acquisition was announced, Globus Medical CEO Dan Scavilla told analysts it expected to maintain NuVasive’s operations in San Diego, Memphis, Tenn., and near Dayton, Ohio.
The merger closed in September and NuVasive became a subsidiary of Globus Medical, which employed more than 2,600 people globally as of Dec. 31, 2022.
Under the transaction terms, NuVasive shareholders maintained 28 percent of the combined companies, while Globus Medical shareholders had a 72 percent stake.
On Friday, Globus Medical ended trading at $53.75, up 1 cent on the New York Stock Exchange.
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