Nuvasive plans to raise $115 million in follow-on stock offering; secondary sale also slated

By Ronda Fears

Nashville, Dec. 15 - Medtech concern Nuvasive, Inc. on Thursday said in a Securities and Exchange Commission filing that it plans to raise an estimated $115 million with a follow-on stock offering via joint bookrunners Banc of America Securities LLC and Lehman Brothers.

Co-managers are Thomas Weisel Partners and William Blair & Co.

There also will be a secondary offering of stock by which, according to the SEC filing, affiliates of William Blair are liquidating their stake in Nuvasive. The SEC filing stated that the William Blair Capital Partners VII QP LP plans to sell all of its 766,344 shares of Nuvasive, a 3.06% stake, and William Blair Capital Partners VII LP plans to sell all of its 29,536 shares, which is less than 1% of the company.

Nuvasive shares closed Thursday off by 51 cents, or 2.61%, at $19.00.

San Diego-based Nuvasive is a medical device company focused on the design, development and marketing of products for the surgical treatment of spine disorders. Its principal product offering includes a minimally disruptive surgical platform called Maximum Access Surgery, or MAS, as well as classic fusion implants comprised of proprietary saline-packaged bone allografts and internal fixation products.

Nuvasive said it plans to use a majority of proceeds to expand its sales and marketing activities, fund research and development relating to potential new products, acquire or invest in complementary businesses, products or technologies and finance continued development costs related to assets and technology recently acquired from RSB Spine LLC, Pearsalls Ltd. and RiverBend Design LLC.

The company said it expects to use up to $31.5 million of proceeds to fund additional payments to Pearsalls related to its acquisition of the investigational nucleus-like cervical disc replacement device called NeoDisc.

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