Bioventus exercised its call option to acquire CartiHeal, excluding the ownership interest already owned by Bioventus, for approximately $315 million, with an additional approximately $135 million payable contingent upon the achievement of $100 million in trailing twelve-month sales. The decision to exercise this option follows FDA’s Premarket Approval of CartiHeal’s Agili-C™ implant.
The transaction is expected to close during 2Q22 subject to certain customary closing conditions, and Bioventus plans a limited market release of CartiHeal in the U.S. during 3Q22.
Agili-C was granted Breakthrough Device Designation by FDA in 2020 and is indicated for the treatment of International Cartilage Repair Society grade III or above knee joint surface lesions, with a total treatable area of 1-7 cm2 for patients without severe osteoarthritis. The Agili-C implant is expected to be a cost-effective solution for cartilage regeneration and bone remodeling designed to delay total knee replacement in patients with joint surface lesions of the knee.
“CartiHeal represents an important breakthrough for the treatment of osteoarthritis, and we are excited to bring this complementary product into our growing portfolio of medical devices. CartiHeal addresses an unmet need in joint preservation and cartilage regeneration for approximately 675,000 U.S. patients annually, representing an estimated $1.3 billion market opportunity for Bioventus,” said Ken Reali, CEO of Bioventus.
Bioventus exercised its call option to acquire CartiHeal, excluding the ownership interest already owned by Bioventus, for approximately $315 million, with an additional approximately $135 million payable contingent upon the achievement of $100 million in trailing twelve-month sales. The decision to exercise this option follows FDA's Premarket...
Bioventus exercised its call option to acquire CartiHeal, excluding the ownership interest already owned by Bioventus, for approximately $315 million, with an additional approximately $135 million payable contingent upon the achievement of $100 million in trailing twelve-month sales. The decision to exercise this option follows FDA’s Premarket Approval of CartiHeal’s Agili-C™ implant.
The transaction is expected to close during 2Q22 subject to certain customary closing conditions, and Bioventus plans a limited market release of CartiHeal in the U.S. during 3Q22.
Agili-C was granted Breakthrough Device Designation by FDA in 2020 and is indicated for the treatment of International Cartilage Repair Society grade III or above knee joint surface lesions, with a total treatable area of 1-7 cm2 for patients without severe osteoarthritis. The Agili-C implant is expected to be a cost-effective solution for cartilage regeneration and bone remodeling designed to delay total knee replacement in patients with joint surface lesions of the knee.
“CartiHeal represents an important breakthrough for the treatment of osteoarthritis, and we are excited to bring this complementary product into our growing portfolio of medical devices. CartiHeal addresses an unmet need in joint preservation and cartilage regeneration for approximately 675,000 U.S. patients annually, representing an estimated $1.3 billion market opportunity for Bioventus,” said Ken Reali, CEO of Bioventus.
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