Bioventus divesting advanced rehabilitation business to Accelmed Partners

Bioventus has signed a definitive agreement to sell its Advanced Rehabilitation business of its subsidiary, Bioness, to Accelmed Partners, a private equity firm focused on acquiring and growing commercial-stage HealthTech companies. The transaction includes a total cash consideration of $45M, including $25M in cash at close and up to $20M in potential post-closing earn-out payments. At the time of closing, the company expects to net approximately $20M after fees and expenses, which will be used to repay existing debt. The divestiture of the Advanced Rehabilitation business reduces the company’s annual revenue by approximately $50M and annual Adjusted EBITDA by approximately $6M. The transaction is expected to close in Q4.