Alphatec Holdings has terminated the tender offer agreement (TOA) to acquire French medical devices maker EOS imaging.

In February, Alphatec agreed to acquire EOS imaging in a deal valued at around $122m, including a purchase price of up to $88m and a debt retirement of $33.9m.

Alphatec has terminated the deal based on its consideration and analysis of the expected ongoing market effects due to the current COVID-19 pandemic.

The company has concluded that a material adverse effect has occurred and resulted in circumstances not favouring to complete the transaction.

Alphatec and Perceptive Credit Holdings have agreed to call off the commitment letter for up to $160m in secured debt financing, in connection with the deal.

Alphatec chairman and CEO Pat Miles said: “Both companies have worked so hard and so cooperatively, over many months, to bring this transaction together. On behalf of the entire ATEC Family, I want to personally thank EOS for its commitment and hospitality throughout this process.

“It has been a thrill for me and other members of ATEC leadership to engage directly with so many of the talented EOS team members, and to see firsthand their prowess and passion for their work – attributes both our companies share.”

EOS imaging offers advanced imaging and image-based solutions for musculoskeletal pathologies and orthopaedic surgical care

Based in Paris, EOS imaging is engaged in the development and marketing of advanced imaging and image-based solutions for musculoskeletal pathologies and orthopaedic surgical care.

With rapid, low dose, biplanar full-body imaging and 3D modeling capabilities, the company provides advanced orthopedic medical imaging and software solutions.

Alphatec Spine and SafeOp Surgical are the wholly-owned subsidiaries of Alphatec Holdings.

The company develops and commercialises approach-based technology that incorporates seamlessly with the SafeOp Neural InformatiX System to provide real-time and objective nerve information to improve spine surgery.

In July 2016, Globus Medical agreed to acquire Alphatec’s international operations and distribution channels for $80m.

Under the deal, Globus acquired Alphatec’s international distribution operations and agreements, including its subsidiaries in Japan and Brazil.