A week after announcing, Durham’s Bioventus says it will cancel $415M debt funding round

DURHAM – Last week, Bioventus announced it would issue an offering of senior notes to raise up to $415 million.

But now, the Durham-based life science firm has released a statement that the company and its subsidiary, Bioventus LLC, “has withdrawn its offering of senior notes that was announced on Tuesday, April 26, 2022.”

According to a statement, the company no longer believes that the market conditions are conducive for an offering “on terms that would be in the best interests of its stakeholders.”

The offering was tied to the acquisition of Israeli firm CartiHeal Ltd., in which Bioventus held an ownership stake prior to exercising an option to acquire the company.

“We are encouraged by the momentum we’re seeing across our key short- and mid-term growth drivers, which position us for sustained double-digit growth,”said Ken Reali, CEO of Bioventus. “While we are no longer exploring a senior notes offering to finance an acquisition of CartiHeal, we are looking into alternative financing options,” Reali said.

The company’s statement did reaffirm the full-year 2022 net sales guidance and full-year adjusted EBITDA guidance.