Bioventus, an orthopaedic spin-off from medical technology business Smith & Nephew, a US-based medical technology business, launched today with backing from a syndicate led by Essex Woodlands, which also included Smith & Nephew.
Bioventus was part of Smith & Nephew’s former Biologics and Clinical Therapies division and includes nearly 500 employees from that group.
Employees of the company outside the US will remain with Smith & Nephew and Smith & Nephew will distribute products on behalf of Bioventus outside of the US. That business will be transitioned to Bioventus over time.
The business was formed in 2008 as a division of Smith & Nephew and makes about $240m revenue annually.