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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