Integra LifeSciences' board of directors approved the separation of SeaSpine Holdings from Integra.
Here are eight things to know about the move:
1. The board of directors approved the separation in a tax-free dividend involving the distribution of all outstanding SeaSpine common stock shares to Integra common stock holders.
2. The SeaSpine common stock will be distributed on July 1 to Integra stockholders of record as of 5 pm EST on June 19, 2015.
3. The Integra stockholders will receive one SeaSpine common stock share for every three shares of Integra common stock they hold.
4. When the distribution is complete, SeaSpine will immediately become an independent publicly-traded company.
5. SeaSpine's first day of public trading will begin on July 2 and the company will be listed on the Nasdaq Global Market under "SPNE."
6. SeaSpine will own and operate Integra's orthobiologics and spinal fusion hardware business.
7. Neither SeaSpine nor Integra will have ownership interest in the other company.
8. Piper Jaffray is acting as financial advisor to Integra in connection with the SeaSpine spin-off.