Bioventus settles CartiHeal option for $10M, eliminates up to $350M in contingent payments

Bioventus Inc.

Bioventus LLC paid $10M non-refundable to CartiHeal securityholders and $150k to expense fund.
Mutual release of claims; escrowed CartiHeal shares returned to trustee for securityholders.
Eliminated obligations of $215M in Post-Closing Tranches plus interest, or up to $350M if Sales Milestone triggered.
Bioventus retains option to pay full $215M+ within 30-60 days to reinstate acquisition and Sales Milestone.
CartiHeal to operate in ordinary course during Interim Period with $2M cash minimum.

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

Bioventus Inc. entered into Settlement Agreement with CartiHeal (2009) Ltd., Elron Ventures Ltd. and certain other securityholders valued at $10,000,000 (effective 2023-02-27).

Action: entry
Agreement: settlement
Counterparty: CartiHeal (2009) Ltd., Elron Ventures Ltd. and certain other securityholders
Value: $10,000,000
Effective: 2023-02-27

Exact text from the filing

On February 27, 2023, the Parties entered into a Settlement Agreement (the “Settlement Agreement”) under which the Securityholder Representative and LLC agreed and performed, in material part, as follows.

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Bioventus Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-052192

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