DURHAM – Global medical technology company Bioventus, which went public earlier this year, is growing bigger with an acquisition.
The company announced Tuesday it had acquired California-based Bioness in a deal worth as much as $110 million.
Bioventus (Nasdaq: BVS) said Bioness, which providers a variety of medical devices focusing on rehabilitation and neuromodulation, would operate as a subsidiary.
The deal includes $45 million upfront and $65 million more based on contengencies.
“The acquisition of Bioness is directly aligned with Bioventus’ mission of helping patients regain active lifestyles, and the strategy of accretive revenue growth through acquisitions that leverage the Company’s existing infrastructure,” Bioventus explained.
Bioness is ” ‘helping improve lives and restore function for those living with peripheral pain and neurological deficit,” the company added.
According to Bioventus, Bioness products compete in an $ 8 billion medical device market. The company generated $40 million in revenue last year with losses of some $14 million, Bioventus noted.
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“Bioness has developed groundbreaking and best in class technologies, and we are excited about the opportunity for Bioventus to further Bioness’ vision of improving the lives of patients,” said Ken Reali, CEO of Bioventus. “We aim to accelerate Bioness’ revenue growth by leveraging our existing global network of approximately 300 sales representatives calling on orthopedic, pain and podiatric physicians as well as expanding market access and reimbursement processing capabilities. Most importantly, we welcome the Bioness team of dedicated employees to Bioventus and look forward to working with them to further market adoption.”
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