Bioventus, which offers orthobiologics products for musculoskeletal conditions, raised $104 million by offering 8 million shares at $13, below the range of $16 to $18. The company offered 0.7 million more shares than anticipated. At pricing, Bioventus commands a market value of $713 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, and in 2019, approximately 85% of its revenue was generated from products associated with non-surgical procedures. 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 plans to list on the Nasdaq under the symbol BVS. Morgan Stanley, J.P. Morgan and Goldman Sachs acted as lead managers on the deal.
