Elutia sells Orthobiologics unit to Berkeley Biologics for up to $35M

ELUTIA INC.

Upfront cash $15M at close; earn-out payments up to $20M over 5 years (10% of annual revenue from Earn-Out Products, capped at $20M).
Transaction expected to close in Q4 2023; subject to customary conditions including regulatory approvals and material consents.
Elutia to focus on drug-eluting biomatrix platform; lead product CanGaroo RM targets FDA clearance and launch in H1 2024.
Berkeley Biologics is a wholly-owned subsidiary of GNI Group Ltd. (Tokyo: 2160.T).
Elutia will enter a Manufacturing Agreement for SimpliDerm product for two years following closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ELUTIA INC. entered into Asset Purchase Agreement with Berkeley Biologics, LLC valued at up to $35 million in cash, with $15 million due at Closing and up to $20 million after the Closing p (effective 2023-09-17).

Action: entry
Agreement: asset purchase
Counterparty: Berkeley Biologics, LLC
Value: up to $35 million in cash, with $15 million due at Closing and up to $20 million after the Closing p
Effective: 2023-09-17

Exact text from the filing

On September 17, 2023, Elutia Inc. (the “Company” or “Elutia”) executed an Asset Purchase Agreement (the “Purchase Agreement”) with Berkeley Biologics, LLC (“Berkeley”), a Delaware limited liability company and wholly-owned subsidiary of GNI Group, Ltd.

View on SEC.gov

Browse all material agreements →

ELUTIA INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-101780

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.