BVS - Bioventus to acquire CartiHeal after FDA approval of Agili-C implant

Medical device maker, Bioventus (BVS -12.9%) announced on Monday that it exercised a call option to acquire privately-held CartiHeal for nearly $315 million, excluding its current ownership interest. The transaction expected close in 2Q 2022 also includes an additional payment of approximately $135 million contingent upon the achievement of $100 million in trailing twelve-month sales. The company plans to fund the acquisition with additional debt. The decision to exercise the option followed the premarket approval (PMA) granted by the U.S. Food and Drug Administration (FDA) on March 29 for CartiHeal’s Agili-C implant, a solution to delay total knee replacement in patients with joint surface lesions of the knee. Bioventus (NASDAQ:BVS) plans to launch CartiHeal in the U.S. with a limited market release (LMR) in Q3 2022. Last month, the company said it would issue its guidance for 2022 adjusted earnings after completing the acquisition.

For further details see:

Bioventus to acquire CartiHeal after FDA approval of Agili-C implant