SeaSpine Holdings has entered into an agreement to acquire 7D Surgical in a cash and stock deal valued at $110 million. The deal is expected to close in 2Q21.
Toronto, Ontario-based 7D Surgical has developed and commercialized advanced machine-vision-based registration algorithms to improve surgical workflow and patient care, currently with applications in spine and cranial surgeries.
Its flagship system, founded on its machine-vision, image-guided surgery platform, reduces radiation exposure by eliminating intra-operative CT (computed tomography) and fluoroscopy for purposes of registration, both of which commonly are used for patient registration with traditional navigational systems. Notably, the 7D system is able to complete the entire patient registration process in less than 30 seconds, compared to 30 minutes typical with traditional systems.
The two companies have had a relationship in the past. A little more than a year ago, Carlsbad, CA-based SeaSpine announced that it had entered into a strategic alliance agreement to distribute 7D Surgical’s flagship navigational system founded on its machine-vision, image-guided surgery platform.
In a release, Beau Standish, 7D Surgical CEO said, “We partnered with SeaSpine in early 2020 because of a shared commitment to constant innovation, and we already have seen the benefits of our collective efforts to align SeaSpine’s spinal implants and orthobiologics products more closely with our technology platform and our surgeon-centric focus on improving surgical workflows. I believe this transaction greatly expands our commercial reach by providing healthcare providers with a complete surgical solution and capital-efficient means of acquiring a 7D system, and we are thrilled to be a part of SeaSpine’s innovative approach to improving patient outcomes.”