Bioventus said March 30 that it has acquired Bioness, a California-based medical devicemaker, for up to $110 million.
The orthobiologics devicemaker, based in Durham, N.C., said it will pay $45 million upfront to acquire Bioness and up to $65 million more, contingent on meeting certain key milestones. It didn't specify the milestones.
Under the agreement, Bioness will become a wholly owned subsidiary of Bioventus.
Bioventus said the total addressable market for medical devices marketed by Bioness is estimated to be more than $8 billion.
Read the full news release here.