Bioventus slumps after acquiring remaining stake in implant developer CartiHeal

Bioventus

04/04/2022 17:05

** Medical device maker Bioventus Inc's shares  BVS.O  fall
as much as 22% to $10.61
    ** Stock among top pct decliners on Nasdaq Biotechnology
index  .NBI 
    ** BVS exercised option to acquire its remaining stake in
private implant developer CartiHeal Ltd for $315 mln
 urn:newsml:reuters.com:*:nGNX99ygmc
    ** Bioventus says decision comes after U.S. health regulator
granted premarket approval to CartiHeal's lead device Agili-C
implant last week (https://bit.ly/3LGqVvU)
 
    ** BVS expects to fund transaction with additional debt
    ** Last year, BVS acquired a $50 mln stake in CartiHeal
through an option and equity agreement  urn:newsml:reuters.com:*:nGNX4PtY8j
    ** Including session's losses, BVS down ~13% YTD vs ~9% fall
in  .NBI 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788))