News Release Details
Bioventus Enters Into Definitive Agreement to Divest BMP Program
DURHAM, NC – July 23, 2018 – Bioventus, a global leader in orthobiologic solutions, has entered into a definitive agreement to divest its next generation bone morphogenetic protein (BMP) development program to a new company formed by Viscogliosi Brothers, LLC (VB), a private equity investment firm focused on developing innovative neuromusculoskeletal technologies.
Bioventus acquired the exclusive, worldwide license to the BMP portfolio of development programs and associated intellectual property from Pfizer, Inc., in 2013. The portfolio, which will now be sold to VB, includes the next-generation BMP in development, as well as a BMP program for soft tissue indications.
The transaction is expected to close in late Q3 and is conditional on VB having raised the requisite funds to complete the sale. When completed, Bioventus will receive an equity stake in the new company formed by Viscogliosi Brothers that will work on the BMP program. In addition, Bioventus will have an observational board seat to follow the progress being made as the work continues. The parties have agreed not to disclose the sale price.
“Divesting the BMP program gives us the opportunity to increase the R&D investment in other areas of our portfolio to support additional short and mid-term programs, while maintaining a stake in its development,”said Tony Bihl, CEO of Bioventus. “We now expect to leverage resources to make additional investments that will expand and grow our portfolio in osteoarthritis, surgical and non-surgical bone healing.”
“Stimulating the body to heal itself is the future of healthcare.” said Anthony G. Viscogliosi, Principal of Viscogliosi Brothers, LLC. “Viscogliosi Brothers has formed a new company to actualize this future by acquiring the next generation BMP development program of Bioventus. Through this acquisition, we are fortunate for Bioventus’ effort to enable us to take the next steps of initiating a clinical program to further evaluate the BMP technology to do safer, faster, and better healing for spine fusion.”
Bioventus is an orthobiologics company that delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The orthobiologic products from Bioventus include offerings for osteoarthritis, surgical and non-surgical bone healing. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.BioventusGlobal.com and follow the company on Twitter @Bioventusglobal.
Bioventus and the Bioventus logo, are registered trademarks of Bioventus LLC
Media Contact: Thomas Hill, 919-474-6715, firstname.lastname@example.org
About Viscogliosi Brothers, LLC
Established by Marc R. Viscogliosi, John J. Viscogliosi and Anthony G. Viscogliosi in New York City, in 1999, Viscogliosi Brothers, LLC (VB), is a family office holding company specializing in venture capital, private equity and merchant banking in the neuro-musculoskeletal/orthopedic industry.
VB’s vision is dedicated to improving healthcare and the quality of life for humanity by finding innovative orthopedic concepts and supporting them to become sustainable technologies that can be commercialized globally to lead the evolution in orthopedic standards of care.
To accomplish this vision, VB discovers technologies, creates products and develops, builds, operates and finances companies founded on innovative and “life changing” technologies. VB principals have participated in more than 300 transactions, have invested in more than 20 companies and have formed more than ten funds.
Companies and funds that VB participated in have generated more than $1.5 billion in exit proceeds for investors through 14 exits in the last 18 years. Through its portfolio companies VB has defined 7 new orthopedic industry categories and its investments have helped commercialize more than 75 medtech devices, including eleven number one orthopedic technologies in seven market leading businesses.
VB orthopedic portfolio companies’ products have been implanted in nearly 300,000 people in more than 70 countries globally.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been registered under the Securities Act of 1933 (the “Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is being issued pursuant to and in accordance with Rule 135c under the Act.