Bioventus said it acquired BioStructures, a developer of absorbable bone grafts, for an undisclosed amount.
The deal for Newport Beach, Calif.-based BioStructures covers its entire line of products, including the Interface bioactive bonegraft and Signafuse bioactive bonegraft putty, plus its R&D pipeline; BioStructures employees will be given offers at Bioventus, which is based in Durham, N.C.
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. Last fall, Bioventus acquired the OsteoAMP product line from Advanced Biologics for an undisclosed amount.
“The acquisition of BioStructures aligns with our strategy to be a leader in orthobiologics, building on the launch of the Bioventus Surgical business with the OsteoAMP acquisition in 2014, and our longer-term development of the next generation BMP,” CEO Tony Bihl said in prepared remarks. “This now gives Bioventus a broad offering of bone grafting solutions backed by clinical and technical data to benefit patients, surgeons, and hospitals.”
“This is a great event for BioStructures, Bioventus, our customers and our employees. We believe the combination of our product offerings will result in a truly unique and robust portfolio benefiting patients, surgeons and hospitals not found in the market today,” added BioStructures CEO Russell Cook. “This acquisition will continue to allow the culture of innovation, as well as advance the positive momentum we have built at BioStructures. We are happy to announce the transaction and look forward to the future with confidence and excitement.”
Bioventus said it plans to keep working with BioStructures’s distributors to expand its sales footprint.