DURHAM – Bioventus Inc. (Nasdaq: BVS) said it has elected to make an escrow payment of $ 50 million, continuing the acquisition, pursuant to the company’s existing stock option and purchase agreement. company, from the Israeli company CartiHeal Ltd.
Bioventus invested $ 2.5 million in the joint implant company in 2018 by participating in a fundraising of $ 21 million. In 2020, Bioventus invested an additional $ 15 million in the business and included the option to buy the business as part of the deal.
The option would have been intended to give Bioventus the option to buy the company, should the company receive FDA approval for an implant under development at the time of the $ 15 million investment.
According to a statement, Bioventus has made the decision to acquire the company “following its review of a statistical analysis report of the pivotal clinical trial of Agili™Implant -C, reimbursement coding analysis and significant market diligence including interviews with surgeons regarding Agili-C’s commercialization opportunity and its ultimate market potential.
The deal is conditional, the company noted in its statement, on CartiHeal obtaining pre-market approval and other conditions. The deal could take place later this year.
“The strong data generated by the pivotal clinical trial, a randomized controlled trial with Agili-C, demonstrated superiority over standard of surgical care, microfracture and debridement, across KOOS compared to the baseline. We believe this product could be a solid alternative for the approximately 650,000 American patients who receive microfracture or debridement and other cartilage treatment options each year, ”said Alessandra Pavesio, Senior Vice President and Scientific Director of Bioventus in a press release. “In combination with our HA products, Agili-C represents an exciting new potential offering for our portfolio designed to address the spectrum of osteoarthritis diseases. “
Bioventus of Durham invests in Trice Medical, an orthopedic company
Bioventus bought medical technology company Bioness in a deal worth up to $ 110 million announced in March. Bioventus also bought Misonix in a July deal worth around $ 518 million. And last week, Bioventus announced a strategic investment in Trice Medical, in an agreement that also includes exclusive rights.