Durham's Bioventus Buys California Med Tech Bioness
Bioventus, a Durham-based global orthobiologics company, has acquired Bioness, a California provider of medical technologies that help people regain mobility lost to stroke, traumatic brain injury, multiple sclerosis and osteoarthritis.
The price tag for the transaction: $45 million up front, with as much as $65 million more contingent on the achievement of certain key milestones.
The acquisition includes all Bioness products as well as its R&D pipeline. Under the agreement, Bioness has become a wholly owned subsidiary of Bioventus, and all Bioness employees have become employees of Bioventus.
According to Bioventus CEO Ken Reali, the acquisition of Bioness is directly aligned with his company’s mission of helping patients regain active lifestyles, and its strategy of growing revenue through acquisitions that leverage the company’s existing infrastructure.
“Bioness has developed groundbreaking and best-in-class technologies and we are excited about the opportunity to further its vision of improving the lives of patients,” Reali said. “Most importantly, we welcome and look forward to working with Bioness’ dedicated team of employees.”
Based in Valencia, California, Bioness was founded by the Al Mann Foundation in 2004 with the mission of helping improve lives and restore function for those living with peripheral pain and neurological deficit. The company’s products are used by physical or occupational therapists in clinical settings and by patients at home, with the guidance of telemedicine clinicians.
The market for medical devices currently sold by Bioness is estimated at more than $8 billion.
Bioventus describes itself as a company that delivers clinically proven, cost-effective products that help people heal quickly and safely. “Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus’ mission is to make a difference by helping patients resume and enjoy active lives,” the company says.