Torys LLP represented 7D Surgical on the transaction.
On May 20, 2021, SeaSpine Holdings Corporation announced the closing of the previously announced acquisition of all of the issued and outstanding shares of 7D Surgical, Inc. in a cash and stock deal valued at US$110 million.
The transaction was effected by way of an arrangement under the Business Corporations Act (Ontario). 7D Surgical shareholders received an aggregate of 4,289,848 shares of SeaSpine stock and an aggregate of US$27.5 million in cash.
SeaSpine is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal implants solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine.
7D Surgical, a pioneer in the image-guided surgery market, 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 Torys team comprised of Cheryl Reicin (Picture), Matthew Atkey, Adam Falconi and Deanne Henry (M&A/life sciences), Andrew Gray (plan of arrangement), Yolande Dufresne (IP), Jennifer Lennon, Zahava Blumenthal and Tom Stevenson (employment), Steven Slavens (technology contracting), Andy Beck (securities), Gwen Watson, Peter Keenan, Jerald Wortsman and Chris Saki (tax).
Involved fees earner: Matthew Atkey – Torys LLP; Andrew Beck – Torys LLP; Zahava Blumenthal – Torys LLP; Yolande Dufresne – Torys LLP; Adam Falconi – Torys LLP; Andrew Gray – Torys LLP; Peter Keenan – Torys LLP; Jennifer Lennon – Torys LLP; Cheryl Reicin – Torys LLP; Christopher Saki – Torys LLP; Steven Slavens – Torys LLP; Tom Stevenson – Torys LLP; Gwen Watson – Torys LLP; Jerald Wortsman – Torys LLP;
Law Firms: Torys LLP;
Clients: 7D Surgical;