The $518M deal for Bioventus to buy Misonix is now complete

https://www.wraltechwire.com/2021/11/01/the-518m-deal-for-bioventus-to-buy-misonix-is-now-complete/The 8M deal for Bioventus to buy Misonix is now complete


DURHAM – Bioventus Inc. (Nasdaq: BVS) announced on Friday that the company has completed its acquisition of Misonix, Inc. in a cash and stock transaction worth some $518 million that the companies announced earlier this year.

Under the terms of the agreement, Misonix becomes a wholly-owned subsidiary of Bioventus and Stavros Vizirgianakis and Patrick Beyer, each of whom were members of the Misonix, Inc. Board of Directors, have joined the Bioventus Board of Directors.

A company statement noted that at the effective time of transaction, Misonix stockholders have two options, either receiving 1.6839 shares of Bioventus class A common stock or $28.00 in cash without interest for each share of Mixonix common stock held.

“The acquisition is directly aligned with Bioventus’ mission of delivering innovations for active healing to patients and providers,” the company statement reads.  “The deal also furthers the Company’s strategy of accelerated revenue growth through acquisitions that leverage the Company’s existing infrastructure.”

Durham life science firm Bioventus spends $518M to buy NY-based medtech company

The company employs more than 1,200 globally, according to Ken Reali, CEO, Bioventus.

““The commercial reach of the new Bioventus is significantly broader, deeper and even more global,” said Reali.  “The acquisition has significant revenue growth opportunities via sales call point synergies that we share with Misonix.”

Bioventus has also appointed Sharon Klugewicz as Senior Vice President, Quality and Regulatory Affairs.  Klugewicz was previously COO of Misonix.  In the role at Bioventus, Klugewicz will be responsible for all regulatory and quality functions globally, according to a company statement.

“We are very pleased to welcome Sharon to Bioventus as she helps us integrate Misonix into the Company and lead this important function,” said Reali in a statement. “We will leverage her significant experience in quality assurance, regulatory affairs, product development, and manufacturing operations as we continue to grow our overall business and expand globally with our offerings for pain treatment, restorative therapies and surgical solutions.”

Bioventus also recently elected to make a $50 million escrow payment to move forward with an acquisition of CartiHeal Ltd. Bioventus invested $2.5 million in the CartiHeal, which is based in Israel, in 2018 as a participant in a $21 million fundraising round.  In 2020, Bioventus invested an additional $15 million in investment, and included the option to purchase the company as a part of the deal.

The stock price of one share of Bioventus stock opened Friday at $15.01 and closed trading on Friday at $15.10.

Bioventus will make $50M payment, to pursue buying Israeli company

 

 





Source link

About the Author

Kassie Hoffman
Kassie pens down all the news from the world of politics on ANH.