Houston-based Essex Woodlands, a global healthcare growth equity and venture capital firm, has entered into a strategic partnership with Smith & Nephew to fund a spinout of its biologics and clinical therapies division, according to a company news release.
The two companies will also partner to develop Bioventus, an orthopedic biologics company. Smith & Nephew's biologics and clinical therapies division includes product lines such as the EXOGEN Ultrasound Bone Healing System and hyaluronic acid joint fluid therapy products. The products are designed for clinical benefits and cost savings to payors by delaying or eliminating knee surgery.
The business line grew from $52 million in 2004 revenues to $223 million in 2010 revenues. Essex Woodlands will invest $60 million as part of $118 million of equity in return for controlling 51 percent interest in Bioventus. The companies expect the transaction to be completed within the next several months.
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The business line grew from $52 million in 2004 revenues to $223 million in 2010 revenues. Essex Woodlands will invest $60 million as part of $118 million of equity in return for controlling 51 percent interest in Bioventus. The companies expect the transaction to be completed within the next several months.
Related Articles on Orthopedic Devices:
14 Spine Device Company Executive Moves
Symmetry Medical Completes Acquisition of Surgical Implants Company
Failed Hip Implants Costing the Healthcare System a Fortune