Bioventus Inc. has announced the successful completion of the divestiture of its Wound business, including TheraSkin and TheraGenesis skin substitutes, to LifeNet Health. The transaction allows Bioventus to enhance its focus on execution and generate approximately $30 million in net closing proceeds, which will be used to repay debt. Additionally, Bioventus and LifeNet Health have entered into a Sales Agent Agreement, granting LifeNet Health exclusive rights to sell SonicOne ultrasonic wound debridement products in the US and Canada.
Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, announced today that it has successfully completed the divestiture of its Wound business, including the skin substitutes TheraSkin and TheraGenesis, to LifeNet Health. The transaction, announced earlier this month, enables Bioventus’ improved focus on execution and delivers approximately $30 million of net closing proceeds, which will be used for debt repayment.
In connection with the closing of the sale, Bioventus and LifeNet Health have also entered into a Sales Agent Agreement under which LifeNet Health will have exclusive rights to sell SonicOne ultrasonic wound debridement products in the US and Canada.
Source: BioSpace
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