Bioventus and Misonix entered into a definitive agreement by which Bioventus will acquire Misonix for $518 million in a cash-and-stock transaction that is expected to close in 4Q21.
Following close, the combined company will conduct business as Bioventus Inc. and will leverage the global strengths of both product brands as a pure-play regenerative medicine and orthopedics company. The entity will serve hospital, ambulatory surgical center and office care settings.
The combined entity is anticipated to benefit significantly from opportunities to build on its extensive capabilities and commercial reach, including:
- Accelerating Misonix’s BoneScalpel and Nexus ultrasonic instrument adoption through Bioventus’ extensive spine surgical solutions footprint
- Augmenting Bioventus’ lower extremity offerings and commercial footprint to accelerate growth in this call point
- Significantly expanding the direct wound salesforce that covers the entire customer continuum, including physicians’ offices, ambulatory surgical centers, wound clinics and hospitals
- Extending Misonix’s international access through Bioventus’ direct channels and infrastructure in the Netherlands, Canada, Germany and the UK
Bioventus expects the transaction to add nearly $80 million of calendar year 2021 revenue and provide an incremental 100 basis points to Bioventus’ long-term average annual revenue growth rate before factoring in any potential revenue synergies.
Bioventus also expects the combination to generate $20 million of annual pre-tax cost synergies by the end of the second full year following the completion of the transaction. Cost synergy opportunities include public company expenses, overlapping support and systems costs and infrastructure expenses.
Misonix announced preliminary fiscal 2021 full year revenue of $74.0 million, +18.5% vs. fiscal 2020 full year. Bioventus reported preliminary 2Q21 net sales of $108 million to $110 million, growth of +86.2% to +89.7% vs. 2Q20.
Source: Bioventus, Inc.