CartiHeal Ltd.

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 (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 (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…