Bioventus has signed a definitive agreement to sell its Wound business, including the skin substitutes TheraSkin and TheraGenesis, to LifeNet Health, for a total cash consideration of $85 million, including $35 million in cash at close, a $5 million cash payment deferred 18 months, and $45 million in potential earn-out payments.
At the time of close Bioventus expects to net approximately $30 million after fees and expenses which will be used to repay existing debt.
Bioventus and LifeNet Health have also signed a Sales Agent Agreement under which LifeNet Health will have exclusive rights to sell SonicOne ultrasonic wound debridement products in the US and Canada.
“The sale of our Wound business will enhance our liquidity and enable a greater focus on execution,” said Tony Bihl, Bioventus’ interim chief executive officer.
The divestiture of the Wound business reduces Bioventus’ annual revenue by approximately $40 million and annual Adjusted EBITDA by approximately $5 million.
The transaction is expected to close in approximately one week before the end of May.
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