Former NuVasive CEO Gregory Lucier partnered with Chicago-based private equity firm GTCR to form a new company in the healthcare space.
Five things to know:
1. Under the partnership, GTCR will invest in Mr. Lucier's new company, Corza Health, from GTCR Fund XII, a private equity fund that includes $5.25 billion of equity capital commitments.
2. Mr. Lucier will serve as CEO of San Diego-based Corza Health and also make a substantial investment in the company.
3. Corza Health will build a healthcare business focused on life sciences and medical technology. Traditionally, GTCR has partnered with management leaders to identify, acquire and build companies through acquisitions and organic growth.
4. Prior to his time with NuVasive, Mr. Lucier spent more than a decade as chairman and CEO of Life Technologies, growing revenue from $700 million to $4 billion during his tenure. He also gained experience in mergers and acquisitions, integrating more than 20 add-on acquisitions.
5. Mr. Lucier is still listed as chairman of the board for NuVasive, a company that has been associated with acquisition rumors. In February, Financial Times reported Smith & Nephew was "in talks" with NuVasive about a possible acquisition. During the company's fourth quarter and full year conference call, NuVasive CEO Chris Barry addressed those rumors:
"We don't comment on rumor or speculation," said Mr. Barry. "I guess as a publicly traded company, all companies are somewhere up for sale, but to us we are focused on driving business in 2019, and that's all I'll say about that."