Bioventus Acquires Bioness Inc.

Bioventus Inc. acquired Bioness Inc., a developer of neuromodulation and rehabilitation medical devices through its peripheral nerve stimulation (PNS) therapy and rehabilitation solutions, for $45 million in up-front consideration, with up to $65 million of contingent consideration. The acquisition includes the entire portfolio of Bioness products as well as its research and development pipeline. Under the merger agreement, Bioness has become a wholly-owned subsidiary of Bioventus.
 
Bioness, based in Valencia, Calif., was founded by the Al Mann Foundation in 2004 with the mission of helping improve lives and restore function for those living with peripheral pain and neurological deficit. The total addressable market for medical devices currently marketed by Bioness is estimated to be more than $8 billion.
 
“Bioness has developed groundbreaking and best in class technologies, and we are excited about the opportunity for Bioventus to further Bioness’ vision of improving the lives of patients,” Ken Reali, CEO of Bioventus told the press. “We aim to accelerate Bioness’ revenue growth by leveraging our existing global network of approximately 300 sales representatives calling on orthopedic, pain and podiatric physicians as well as expanding market access and reimbursement processing capabilities. Most importantly, we welcome the Bioness team of dedicated employees to Bioventus and look forward to working with them to further market adoption.”
 
Bioness’ portfolio includes proprietary electrical stimulation exoskeletal devices for upper and lower extremities, robotic gait and fall safety systems, and high-tech, interactive software learning and recovery assessment platforms. These products play an essential role in helping patients regain mobility due to stroke, traumatic brain injury, multiple sclerosis, and osteoarthritis, and are used in a clinical setting or at home, with clinician guidance through telemedicine.
 
Bioness’ StimRouter PNS System is an emerging therapy for patients suffering from pain after surgery on an extremity. The PNS market is experiencing significant growth, largely driven by a lack of effective alternatives and a desire to reduce opioid usage. StimRouter has been implanted in over 3,000 patients since 2017 and is sold in over 10 countries, including the U.S.
 
In 2020, Bioness generated approximately $40 million in revenue.