Bioventus Inc. announced it signed a definite agreement to sell its wound care business to LifeNet Health for about $85m. The deal includes a total cash consideration of $85m, including $35m in cash at close, $5m cash payment deferred 18 months and $45m in potential earn-out payments, Bioventus announced on 10 May. At the time of closing, Bioventus said it expects to net about $30m after fees and expenses, which it intends to use to repay existing debt. The deal is expected to close before the end of May, Bioventus said.
News We’re Watching: Cancer Screening Partnership, New Abbott Electrophysiology Head, V-Champs AI Challenge
This week, Bioventus announced plans to sell its wound business; Pfizer and Thermo Fisher Scientific partnered to increase cancer screening access; and the FDA expanded the magnetic resonance imaging labeling for Abbott’s Eterna spinal cord stimulator.
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