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Monday, November 3, 2014

Integra LifeSciences to spin off spine unit, (NASDAQ: IART)

Surgical devices and orthopedic care company Integra LifeSciences Holdings Corp said it would spin off its spine unit in an attempt to streamline its operations. The company will continue to produce specialty surgical products and orthopedics and tissue therapies, while the new company will be called SeaSpine.The company, which expects to take a one-time charge on the spin-off, revised its full-year profit forecast to 81-99 cents a share, down from its earlier forecast of $1.06 to $1.24 per share.Piper Jaffray & Co. served as the company's financial advisor, while Latham & Watkins LLP was the legal counsel in connection with the proposed spin-off transaction.

Integra LifeSciences Holdings Corporation (Integra) is an integrated medical technology company. Shares of IART traded higher by 0.74% or $0.38/share to $51.49. In the past year, the shares have traded as low as $39.74 and as high as $51.32. On average, 154036 shares of IART exchange hands on a given day and today's volume is recorded at 244047.