Bioventus IPO Brings In $104M to Support Growing Medical Device Business
Medical device maker Bioventus is the latest North Carolina life sciences firm joining the public markets, raising $104 million from its initial public offering.
On Thursday, Durham-based Bioventus offered 8 million shares priced at $13 each. That price was less than the company planned. When Bioventus set initial IPO terms last week, it proposed selling 7.35 million shares in the range of $16 to $18 per share. Bioventus shares will trade on the Nasdaq exchange under the stock symbol “BVS.”
Bioventus develops and markets medical devices and biological products that address orthopedic conditions. The company was initially the biologics and clinical therapies unit of United Kingdom-based Smith & Nephew, a medical equipment company. In 2016, Smith & Nephew spun out Bioventus as a separate company with financial backing from healthcare investment firm Essex Woodlands.