Orthobiologics maker Bioventus postponed its initial public offering which was slated to raise up to $150 million for the company, according to Renaissance Capital.
The company plans to float 8.8 million shares at a price range of between $16 and $18, and plans to list on the NASDAQ Global Market under the ticker “BIOV”.
The initial public offering was scheduled to open today, according to Renaissance Capital, and the company has yet to announce a new date.
At the midpoint of its proposed range, the company would command a fully diluted market value of $566 million, and proceeds from the round should generate between $141 and $159 million, according to an SEC filing from the company.
The company originally announced plans for the IPO earlier this month, planning to use proceeds from the round to pay off its debt.
Durham, N.C.-based Bioventus was formed in 2012 when Smith & Nephew (NYSE:SNN) spun out its biologics and clinical therapies division in a joint venture with venture capital firm Essex Woodlands. In October 2014 Bioventus acquired the OsteoAMP product line from Advanced Biologics for an undisclosed amount; late last year the company added BioStructures, a developer of absorbable bone grafts, also for an undisclosed amount. In January Bioventus named former Medtronic (NYSE:MDT) CEO Bill Hawkins as chairman. The company tapped the CEO of Abiomed (NSDQ:ABMD), Mike Minogue, for a seat on the board last month.
The business has grown since the spinout from Smith & Nephew, which in 2010 reported $44 million in profits on $223 million in sales. Yesterday Bioventus said sales grew 4.4% to $253.7 million last year, but said losses widened by 7.4% to -$4.0 million.
Second-quarter losses also widened, rising 9.3% to -$1.0 million on sales growth of 22.6% to $65.4 million, according to the IPO registration.