DURHAM – Bioventus is getting ready to make another big acquisition.
The global orthobiologics company headquartered in Durham has agreed to make a $50 million escrow payment to Israeli med tech startup CertiHeal, “signaling its intent to move forward with the acquisition,” the company said.
It comes on the heels of two other major acquisitions of med tech companies completed this year – Misonix in July and Bioness in March.
It also follows an extensive review of CertiHeal’s clinical trial of the Agili-C implant and “significant market diligence,” including surgeon interviews, over its “commercialization and market potential.”
Agili-C is designed to treat cartilage and osteochondral defects in the knee joint in patients without severe osteoarthritis.
A randomized controlled trial with Agili-C demonstrated superiority over surgical standard of care, microfracture and debridement, said Alessandra Pavesio, Bioventus’ senior vice president and chief science officer.
“We believe this product could be a strong alternative for the approximately 650,000 U.S. patients annually receiving microfracture or debridement along with other cartilage treatment options,” she added.
The Aglici-C received breakthrough device designation by the U.S. Food and Drug Administration last year.
Bioventus said its obligation to follow through on the planned acquisition depends on the FDA following up with premarket approval (PMA) of the device, and other conditions.
CartiHeal plans to submit the clinical module of their PMA later this year.
“In the next several quarters, Bioventus plans to continue to work closely with the CartiHeal team in advance of potential FDA approval to be ready to execute on commercialization,” Bioventus said.
In July, Bioventus acquired Misonix, a New York-based developer of ultrasonic surgical devices, in a cash-and-stock transaction valued at about $518 million.
In March, it acquired California-based Bioness, a provider of neuromodulation and rehabilitation medical devices, for $45 million up-front and up to $65 million contingent on meeting certain milestones.
In June, it also completed a minority investment in Vaporox, a Denver-based developer of an ultrasonic therapy for healing diabetic foot ulcers.
Bioventus has more than 850 employees worldwide working through offices in Memphis, Valencia, Calif., Hod Hasharon, Israel, Mississauga, Ontario, Canada and its international headquarters in Hoofddorp, The Netherlands. Its products are expected to help about half a million people this year with better bone and joint function and reduced pain.
(C) N.C. Biotech Center