Valencia-based Bioness Inc. To Sell Its Advanced Rehabilitation Business to Accelmed Partners
(Svetlana/Светлана Лазаренко - stock.adobe.com)
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Valencia-based Bioness Inc. announced an agreement to sell its Advanced Rehabilitation business for $45 million to Accelmed Partners on Oct. 1. The transaction is expected to close by year-end. Bioness operates as a wholly owned subsidiary of Bioventus, a Durham, N.C.-based biotech firm. The transaction is projected to reduce Bioventus’ annual revenue by about $50 million.
“We believe Bioness’ Advanced Rehabilitation products are critical for helping patients with stroke and other neuromuscular conditions in their rehabilitation journey,” said Dr. Uri Geiger, managing partner of Accelmed, in a statement.
Moelis & Company acted as financial advisor and Reed Smith LLP as legal advisor to Bioventus on the transaction.
