Bioventus said it acquired the OsteoAMP product line from Advanced Biologics for an undisclosed amount.
OsteoAMP is a tissue-based product used to promote natural bone growth and healing in the spine, according to a press release.
Created in a 2012 spinout worth $367 million from Smith & Nephew (FTSE:SN, NYSE:SNN), Durham, N.C.-based Bioventus sells an ultrasound system to promote bone healing and injections to alleviate knee osteoarthritis.
"Surgical orthobiologics is a priority for Bioventus and this acquisition puts the company in position to engage with customers in this market and grow the segment," CEO Anthony Bihl III said in prepared remarks. "The well-developed and successful clinical data set distinguishes OsteoAMP from competitive technologies. In addition, this agreement also includes R&D and product supply which could lead to future innovations in this space."
Bioventus is creating a new business group that includes OsteoAMP as well as encompassing a 2013 agreement with Pfizer (NYSE:PFE) to develop a next-generation bone morphogenetic protein.
