Durham, N.C.-based Bioventus said in a news release that Misonix, a developer of minimally invasive therapeutic ultrasonic technologies and regenerative medicine, has become a wholly-owned subsidiary following the acquisition for cash and common stock.
Misonix’s offerings will add to Bioventus’ pain treatment, restorative therapies and bone graft substitutes product portfolio, the company said. There will be a significant sales force employed to focus on surgical applications in spinal fusion, neurosurgery and wound treatments.
As of the effective time of the transaction, Misonix stockholders hold the right to receive either 1.6839 shares of Bioventus Class A common stock or $28 in cash, without interest, for each share of Misonix common stock they hold, subject to proration based on an aggregate maximum cash amount payable by Bioventus equal to $10.50 per share of Misonix common stock outstanding shortly prior to the completion of the transaction.
Two members of Misonix’s board of directors, Stavros Vizirgianakis and Patrick Beyer, have joined Bioventus’ board as of the closing of the transaction.
Bioventus CEO Ken Reali said the company expects that the acquisition will accelerate the adoption of its recently launched neXus platform for ultrasonic procedures across spinal decompression using the BoneScalpel, SonaStar for tumor ablation in the cranium and SonicOne for tissue debridement in chronic wounds.
“The commercial reach of the new Bioventus is significantly broader, deeper and even more global,” Reali said. “The acquisition has significant revenue growth opportunities via sales call point synergies that we share with Misonix including spinal and lower extremity surgeons.”