DURHAM, NC, New company providing active orthopaedic healing, launched today following the finalization of the strategic venture between the company's owners.
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Bioventus LLC, a new company providing active orthopaedic healing, launched today following the finalization of the strategic venture between the company's owners, an Essex Woodlands led investor syndicate group and Smith & Nephew, the global medical technology business.
Headquartered in Durham, N.C., Bioventus grew out of Smith & Nephew's former Biologics and Clinical Therapies division and includes nearly 500 U.S. employees from that group, as well as innovative and successful products to help accelerate bone healing and treat osteoarthritis pain. For the time being, employees outside of the U.S. will remain with Smith & Nephew and Smith & Nephew will distribute products on behalf of Bioventus outside of the U.S. This business will be transitioned to Bioventus over time as required legal and other approvals are obtained.
"For years, patients and healthcare providers have relied on our innovative products and our more than 250 customer-facing professionals who work directly with them to assist in providing quality care," said Mark Augusti, chief executive officer of Bioventus. "As an independent company with the support and backing of Essex Woodlands and Smith & Nephew, we will now be able to focus attention and resources to more quickly deliver new solutions to market."
The business was formed in 2008 as a division of Smith & Nephew and currently generates about $240 million in annual revenue worldwide.
"Our go-forward mission is to be the best in helping patients regain active lifestyles by providing clinically proven and cost effective orthopaedic diagnostics and therapies through our world-class, customer-led professionals," Augusti added.
Bioventus' leadership team includes healthcare industry experts and experienced functional leaders. Most were previously with the Smith & Nephew Biologics Division and came from a variety of leading medical device, orthobiologic and pharmaceutical companies.
The team is led by Augusti, who built the Smith & Nephew Biologics business following successful roles as President of the company's Orthopaedic Trauma & Clinical Therapies Global Business and Senior Vice President and General Manager of the Trauma business. He also previously held leadership positions at JPMorgan Securities and GE Medical Systems.
Bioventus is a global leader of active orthopaedic healing, providing clinically proven and cost-effective therapies and diagnostics that help patients regain active lifestyles. The company's innovative products include the market-leading bone stimulation device and osteoarthritis joint fluid therapies. Bioventus' adherence to high quality standards, its commitment to evidence-based medicine and its strong ethical behavior makes it a trusted partner for physicians worldwide.