Bioventus (Nasdaq:BVS) announced today that it successfully completed the divestiture of its Advanced Rehabilitation business.
The Durham, North Carolina-based company divested the unit to Accelmed Partners. Accelmed, a private equity (PE) firm, focuses on acquiring and growing commercial-stage healthtech companies.
Bioventus initially announced the deal to divest Advanced Rehabilitation on Oct. 1, 2024. The company says the divestiture enables it to continue improving its focus and execution within its core businesses. It also delivers approximately $20 million of net closing proceeds to enhance liquidity. The deal includes a total cash consideration of $45 million, including $25 million in cash at close. Potential post-closing earn-out payments make up the remaining $20 million.
The company offers solutions for pain treatments, restorative therapies and surgical solutions. Its offerings include nerve stimulation technology for pain relief, plus a bone healing solution that utilizes ultrasound. Bioventus’ surgical solutions portfolio includes allograft, cell and marrow and synthetic offerings. It also has a suite of minimally invasive therapeutic ultrasonic technologies for hard and soft tissue removal.
This divestiture marks the second major business unit sale at Bioventus as the company continues to narrow its focus on core products. In May 2023, the company successfully completed the divestiture of its wound business to LifeNet Health.
Bioventus continues to operate under relatively new leadership as well, following the appointment of Robert Claypoole as president and CEO at the beginning of 2024.
“This agreement reflects our deep respect for the Advanced Rehabilitation business and the many patients who benefit from its life-changing technology. The business will now be positioned in an environment that enables higher focus moving forward,” Claypoole said in October. “Simultaneously, this divestiture allows Bioventus to focus on execution within our core, while also enhancing our liquidity.”
