Bioventus, which was formed a year ago, has struck a deal with drug giant Pfizer for technology related to bone morphogenetic protein, or BMP.
The company also plans to open a research lab in Boston.
Bioventus focuses on orthopaedic healing, including products and services designed for recovery of an active lifestyle. Offerings include a bone stimulation device and joint fluids targeting osteoarthritis.
Financial details of the Pfizer deal were not disclosed, but Pfizer did receive an upfront payment and also will receive milestone payments and royalties on any sales from products related to the deal.
Bioventus acquired a global license to Pfizer’s BMP portfolio and an option for a BMP program focused on soft tissue.
The company said it also hired BMP scientists Dr. John Wozney and Dr. Howard Seeherman.
“This transaction strengthens our vision of Bioventus being a recognized global leader in active orthopedic healing,” Bioventus Chief Executive Officer Mark Augusti said in a statement. “BMPs are a class of demonstrably potent biologics that will benefit from Bioventus’ commitment to developing clinically efficacious technologies in partnership with world class physicians and the appropriate regulatory agencies. The BMP programs will expand and complement Bioventus’ ongoing development in bone stimulation and injectable hyaluronic acid therapies.”
Backers formed the company in May 2012. It was created largely from the Biologics and Clinical Therapies division of Smith & Nephew. It generates some $240 million in revenue and has some 500 employees. That division was based in Durham. Smith & Nephew is a global merdical technology company.
Bioventus is owned by Smith & Nephew and Essex Woodlands.