Bioventus Archives - Medical Design Sourcing

Bioventus names Medtronic, J&J veteran as CEO

Bioventus (Nasdaq:BVS) announced that it appointed Robert Claypoole as its new president and CEO, effective Jan. 10, 2024.

Claypoole succeeds Anthony Bihl, who served as interim CEO and board director since April 2023. Bihl took over in the interim role after Ken Reali stepped down for unknown reasons after three years in the corner office.

Durham, North Carolina-based Bioventus said in a news release that Claypoole brings more than 20 years of global commercial leadership experience in the medical device industry. He most recently served as EVP at Mölnlycke Health Care AB, leading its global wound care business.

Previously, Claypoole held senior positions at Medtronic, Covidien and Johnson & Johnson.

“We are excited to have Rob join Bioventus and build upon the significant improvements made this year to further elevate our execution and overall performance,” said William A. Hawkins, Bioventus’ executive chair. “Throughout his career, Rob has …

Bioventus completes wound business divestiture

Bioventus (Nasdaq:BVS) announced today that it successfully completed the divestiture of its wound business to LifeNet Health.

Earlier this month, the Durham, North Carolina-based company announced an agreement to divest the business to LifeNet.

The sale includes Bioventus’ skin substitutes, TheraSkin and TheraGenesis. The transaction includes a total cash consideration of $85 million. That features $35 million at close, $5 million deferred 18 months and $45 million in potential earn-out payments.

Bioventus continues to offer pain treatments, restorative therapies and surgical solutions.

At the time of closing, Bioventus expects to net approximately $30 million after fees and expenses. It intends to use that cash to repay existing debt. Bioventus said the transaction enables its “improved focus on execution.” The company prevously said its divestiture reduces its annual revenue by approximately $40 million and its adjusted EBITDA…

Bioventus divests wound business to LifeNet Health

Bioventus (Nasdaq:BVS) announced today that it signed a definitive agreement to sell its wound business to LifeNet Health.

Durham, North Carolina-based Bioventus’ sale includes its skin substitutes, TheraSkin and TheraGenesis. The transaction includes a total cash consideration of $85 million. That features $35 million at close, $5 million deferred 18 months and $45 million in potential earn-out payments.

At the time of closing, Bioventus expects to net approximately $30 million after fees and expenses. It intends to use that cash to repay existing debt.

The two companies also signed a sales agent agreement. This grants LifeNet exclusive rights to sell SonicOne ultrasonic would debridement products in the U.S. and Canada.

Bioventus said its divestiture reduces its annual revenue by approximately $40 million and its adjusted EBITDA by about $5 million. It expects the transaction to close in approximately one week.

Jefferei…

Bioventus completes $315M CartiHeal acquisition

Bioventus (Nasdaq:BVS) announced today that it completed its previously announced $315 million acquisition of CartiHeal.

Durham, North Carolina-based Bioventus announced in April that it agreed to acquire CartiHeal in a deal worth at least $315 million. Just last month, the company amended the agreement for the deal to defer a large amount of payments.

The amendment to the acquisition agreement reduced the closing payment to $50 million in addition to the $50 million deposited into escrow last year.

Additionally, the remaining $215 million of the purchase price will instead be paid to CartiHeal stockholders upon the earlier achievement of certain milestones or the occurrence of certain installment payment dates. Israel-based CartiHeal develops orthopedic implants, including the Agili-C implant, which, in a randomized controlled trial, demonstrated superiority to either microfracture or debridement.

“We are excited to add …

Bioventus restructures $315M CartiHeal acquisition

Bioventus (Nasdaq:BVS) amended the agreement for its pending acquisition of CartiHeal to defer a large chunk of payments.

Durham, North Carolina-based Bioventus announced in April that it agreed to acquire the orthopedic implant maker in a deal worth at least $315 million.

An amendment to the acquisition agreement reduces the closing payment to $50 million in addition to the $50 million deposited into escrow last year. The remaining $215 million of the purchase price will instead be paid to CartiHeal stockholders upon the earlier achievement of certain milestones or the occurrence of certain installment payment dates.

Bioventus will defer the bulk of the acquisition payment into five tranches, beginning in 2023 and ending no later than 2027, according to a news release. Interest on each tranche of the deferred portion will accrue at an 8% annual rate until such tranche is paid.

Approximately $135 million payable to CartiHeal’s stockholders u…

Bioventus announces $415M offering

Bioventus (Nasdaq:BVS) announced today that it intends to offer $415 million in aggregate principal amount of senior notes due in 2027.

Durham, North Carolina-based Bioventus’ private offering of senior notes will be guaranteed by each of the its domestic restricted subsidiaries that guarantee its obligations under its senior secured credit facilities.

According to a news release, Bioventus will use the net proceeds to fund the remaining purchase price of its $315 million acquisition of CartiHeal. Additionally, funds will go toward repaying a portion of outstanding borrowings under Bioventus’ amended nad restated credit facilities and for paying fees and expenses in connection with the offering.

Should any net proceeds remain from the offering, they will be used for general corporate purposes, the company said.

Bioventus also announced preliminary first-quarter results, with net sales expected to range between $116.5 million and $118.5…

Bioventus plans to buy CartiHeal for at least $315M to launch knee implant

The CartiHeal Agili-C implant for treating cartilage lesions [Image courtesy of CartiHeal]Bioventus (Nasdaq: BVS) today said it plans to buy CartiHeal following the FDA’s recent premarket approval of the Israel-based medtech developer’s Agili-C implant.

Durham, North Carolina-based Bioventus will pay about $315 million to buy the company, excluding the stake already owned by Bioventus after it made a $50 million escrow payment last year.

The deal also includes the potential for Bioventus to pay up to $135 million more if CartiHeal is able to hit $100 million in trailing 12-month sales. Bioventus plans to finance the acquisition with debt.

Get the full story at our sister site, Medical Design & Outsourcing.

Bioventus plans to buy CartiHeal for at least $315M to launch knee implant

The CartiHeal Agili-C implant for treating cartilage lesions [Image courtesy of CartiHeal]

Bioventus (Nasdaq: BVS) today said it plans to buy CartiHeal following the FDA’s recent premarket approval of the Israel-based medtech developer’s Agili-C implant.

Durham, North Carolina-based Bioventus will pay about $315 million to buy the company, excluding the stake already owned by Bioventus after it made a $50 million escrow payment last year.

The deal also includes the potential for Bioventus to pay up to $135 million more if CartiHeal is able to hit $100 million in trailing 12-month sales. Bioventus plans to finance the acquisition with debt.

The transaction is expected to close in the second quarter, followed by a limited market release in the U.S. in the third quarter.

CartiHeal won FDA breakthrough designation for the Agili-C implant in 2020 and received FDA premarket approval i…

FDA clears Bioventus’ neXus BoneScalpel Access system

Bioventus (NSDQ:BVS) announced today that it received FDA 510(k) clearance for its neXus BoneScalpel Access handpiece.

Durham, North Carolina-based Bioventus said in a news release that the neXus ultrasonic surgical aspirator system — a next-generation integrated ultrasonic surgical platform driven by a proprietary digital algorithm — powers the BoneScalpel Access device.

The neXus system combines all features of soft and hard tissue removal in a single, fully integrated offering, Bioventus said. Its indications under FDA 510(k) clearance include use in the fragmentation and aspiration of soft and hard tissue in neurosurgery, gastrointestinal and affiliated organ surgery, urological surgery, plastic and reconstructive surgery, general surgery, orthopedic surgery, gynecology and more.

Bioventus plans to launch BoneScalpel Access — a product the company picked up through its recent acquisition of Misonix — in 2022. The neXus ultrasonic surgical aspirator s…

Bioventus closes acquisition of Misonix

Bioventus (NSDQ:BVS) announced today that it completed its previously announced acquisition of Misonix for an undisclosed amount.

Durham, N.C.-based Bioventus said in a news release that Misonix, a developer of minimally invasive therapeutic ultrasonic technologies and regenerative medicine, has become a wholly-owned subsidiary following the acquisition for cash and common stock.

Misonix’s offerings will add to Bioventus’ pain treatment, restorative therapies and bone graft substitutes product portfolio, the company said. There will be a significant sales force employed to focus on surgical applications in spinal fusion, neurosurgery and wound treatments.

As of the effective time of the transaction, Misonix stockholders hold the right to receive either 1.6839 shares of Bioventus Class A common stock or $28 in cash, without interest, for each share of Misonix common stock they hold, subject to proration based on an aggregate maximum cash amount paya…

Bioventus cleared to acquire Misonix

Bioventus (NSDQ:BVS) this week announced that its stockholders approved the merger and acquisition of Misonix for an undisclosed amount.

The Durham, N.C.-based company’s stockholders approved the issuance of shares of Bioventus class A common stock to the stockholders of Misonix for the previously announced merger of the two companies. Through the deal, Misonix will become a wholly-owned subsidiary of Bioventus.

“We are pleased by the outcome of today’s vote and thank our stockholders for supporting the acquisition,” Bioventus CEO Ken Reali said in a news release. “The combination with Misonix creates significant value and provides a deeper global portfolio of pain treatments, restorative therapies and surgical solutions for patients. We are excited to welcome the Misonix team to Bioventus.”

“We are excited about our progress in completing the transaction that will drive long-term value for Misonix shareholders and look forward to closing,” Misonix…