Bioventus, which offers orthobiologics products for musculoskeletal conditions, announced terms for its IPO on Thursday. 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.
The Durham, NC-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Bioventus would command a fully diluted market value of $922 million.
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.
Bioventus 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. Morgan Stanley, J.P. Morgan, Goldman Sachs and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price during the week of February 8, 2021.
