Bioventus sells wound business to LifeNet Health for up to $85M

Bioventus Inc.

Total cash consideration up to $85M: $35M at close, $5M deferred, $45M earn-out.
Net proceeds ~$30M after fees and expenses will be used to repay existing debt.
Divestiture reduces annual revenue by ~$40M and annual adjusted EBITDA by ~$5M.
Transaction expected to close ~1 week before end of May 2023.
Sales Agent Agreement grants LifeNet Health exclusive rights to sell SonicOne in US and Canada.

item 1.01 item 7.01 item 9.01

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 Asset Purchase Agreement with LifeNet Health valued at $35,000,000 (effective 2023-05-10).

Action: entry
Agreement: asset purchase
Counterparty: LifeNet Health
Value: $35,000,000
Effective: 2023-05-10

Exact text from the filing

On May 10, 2023, Bioventus LLC (“BV LLC”), a subsidiary of Bioventus Inc. (the “Company”), together with two of its subsidiaries, Misonix, LLC (“Misonix”) and Solsys Medical, LLC (“Solsys,” and together with BV LLC and Misonix, the “Sellers”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) with LifeNet Health (the “Buyer”), pursuant to which the Buyer agreed to: (i) acquire all assets of the Sellers related to the Sellers’ business of developing, marketing and distributing the TheraSkin Product and the TheraGenesis Product

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Bioventus Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-145668

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