Durham biotech company that treats knee pain plans to go public with a $100M IPO
Bioventus, a Durham biotech company that makes treatments for knee and joint pain, has filed plans to go public on the Nasdaq stock exchange — a move that could net the company $100 million.
The company filed the plans on Wednesday, and if it is successful, it would trade under the ticker “BVS” on the Nasdaq.
Bioventus, founded in 2011, has several products that treat issues like joint pain, such as the injectable treatments Durolane and Gelsyn-3. The company also makes bone graft substitutes that are used in surgeries.
This is the second time the company has filed to go public. In 2016, the company said it was exploring a $150 million initial public offering, but rescinded the application, citing bad market conditions.
Thomas Hill, a spokesman for the company, declined to comment on the initial public offering, citing a company quiet period.
The company brought in $340.1 million in revenue in 2019, a 6.5% increase from 2018.
During the first nine months of 2020, however, the company saw sales decline by $20 million compared to the same period in 2019 due to the “disruption caused by the COVID-19 pandemic.”
Last year, the company applied for a $250,000 Job Retention Grant that North Carolina offered to companies that had lost revenue during the pandemic. At the time, the company said the grant would help it keep employees on its payroll while its sales recovered.
In its filing, Bioventus said it employs 680 people worldwide, with a majority of those being in the U.S. The company’s headquarters are in south Durham, and it also has a manufacturing facility in Cordova, Tennessee.
Around 150 of these employees are based in Durham.
The company’s biggest investors include EW Healthcare Partners, Smith & Nephew, Spindletop Healthcare Capital and Pantheon Global.
This story was produced with financial support from a coalition of partners led by Innovate Raleigh as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work. Learn more; go to bit.ly/newsinnovate
This story was originally published January 21, 2021 at 10:29 AM with the headline "Durham biotech company that treats knee pain plans to go public with a $100M IPO."
