Carved out of Smith & Nephew's biologics division in 2012, Bioventus, which offers non-invasive and surgical products for treatment of musculoskeletal conditions, announced terms for its IPO on Tuesday.
The Durham, NC-based company plans to raise $150 million by offering 8.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Bioventus would command a fully diluted market value of $566 million.
Bioventus was founded in 2012 and booked $266 million in sales for the 12 months ended April 2, 2016. It plans to list on the Nasdaq under the symbol BIOV. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of July 25, 2016.
