Bioventus, which offers orthobiologics products for musculoskeletal conditions, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. The company had previously filed to raise $150 million at a $575 million market cap in July 2016, but withdrew the offering the following August.
Bioventus is focused on developing and commercializing clinically differentiated, cost efficient, and minimally invasive treatments that engage and enhance the body's natural healing process. Its devices are most often used to delay or replace the need for an elective surgical procedure. Its products are widely reimbursed by both public and private health insurers and are sold in the physician's office or clinic, ambulatory surgical centers, and the hospital setting in the US and 37 other countries. Bioventus' portfolio is grouped into three verticals: OA joint pain treatment and joint preservation, bone graft substitutes, and minimally invasive fracture treatment.
The Durham, NC-based company was founded in 2011 and booked $320 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol BVS. Bioventus filed confidentially on October 6, 2020. Morgan Stanley, J.P. Morgan, Goldman Sachs and Canaccord Genuity are the joint bookrunners on the deal. No pricing terms were disclosed.
