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.
“The sale of our wound business will enhance our liquidity and enable a greater focus on execution,” said Tony Bihl,...