Bridger Capital Discloses SeaSpine Stake After Spin-Off ~ market folly

Tuesday, July 21, 2015

Bridger Capital Discloses SeaSpine Stake After Spin-Off

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding shares of SeaSpine Holdings (SPNE).  Per the filing, Bridger now owns 5.6% of the company with 618,684 shares.

This is a newly disclosed position for the hedge fund. The company recently started trading as it was spun off from Integra LifeSciences (IART).  Holders of IART received 1 share of SPNE for every 3 shares of IART owned as of June 19th.

Bridger did not show a position in IART as of the end of the first quarter.  It's possible that they purchased shares in Q2 and then still received shares in the spin-off.  Alternatively, they could have just purchased SPNE shares once they started trading in the open market. 

Per Google Finance, SeaSpine Holdings is " a medical technology company. The Company is focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. The Company has a portfolio of orthobiologics and spinal fusion hardware solutions for neurosurgeons and orthopedic spine surgeons, which can be used to perform fusion procedures in the lumbar, thoracic and cervical spine. The Company's orthobiologics products consist of a range of bone graft substitutes that are designed to improve bone fusion rates following surgery. The Company's spinal fusion hardware portfolio consists of a line of products for minimally invasive surgery (MIS), complex spine, deformity and degenerative procedures. The Company's products include Accell Evo3, OsteoSparx, Accell Connexus, Zuma-C Anterior Cervical Fixation System, Zuma IBD, OsSatura TCP and Coral MIS, among others."

You can view previous Bridger Capital portfolio moves here.

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