Alphatec Scraps EOS Imaging Deal
Alphatec said after consideration and analysis of the ongoing market effects of the COVID-19 pandemic, it is terminating its bid to acquire
EOS Imaging because of material adverse effect resulting in circumstances that are no longer conducive to the completion of the transaction described in the terms of the agreement.
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.