Misonix

Misonix designs, manufactures and markets ultrasound medical devices for accurate removal of hard and soft tissue, including bone removal, wound treatment and ultrasound aspiration.

History

2021: Bioventus bought Misonix for $518 million

On October 29, 2021, Bioventus announced the closure of the acquisition of the surgical ultrasound and regenerative medicine company Misonix, thereby becoming a 100% subsidiary after the acquisition. Two members of the board of directors of Misonix, Stavros Vizirgianakis and Patrick Beyer, have joined the board of directors of Bioventus since the completion of the transaction.

Misonix's offerings will replenish Bioventus "portfolio of treatment products for restorative therapies and bone transplant substitutes, the company said. A significant staff of sellers will be involved who will focus on surgical applications in spinal surgery, neurosurgery and wound management.

Bioventus acquired Misonix for $0.5 billion

We are pleased with the results of today's voting and thank our shareholders for supporting the acquisition. Merging with Misonix creates significant value and provides a deeper global portfolio of painkillers, restorative therapies and surgical solutions for patients. We are pleased to welcome the Misonix team to our team, "said Ken Reali, Chief Executive Officer of Bioventus.

At the time of the transaction, Misonix shareholders are entitled to receive for each of their securities either 1.6839 ordinary shares of Bioventus Class A or $28 without interest, which they have adjusted for the total maximum cash amount paid to Bioventus equal to $10.50 outstanding shortly before the completion of the transaction. The transaction itself was carried out for money and ordinary shares.

Bioventus CEO Ken Reali said the company expects the acquisition to accelerate the implementation of a newly launched neXus platform for ultrasound procedures, such as decompression of the spine with BoneScalpel, SonaStar for ablation of tumors in the skull and SonicOne for tissue debridment in chronic wounds. He added that the acquisition offers significant revenue growth opportunities thanks to the synergy of sales points that Bioventus shares with Misonix.

The sale of the manufacturer of surgical ultrasound tools Misonix for $518 million was first announced in August 2021. Bioventus entered into this deal after entering the exchange and acquiring another Bioness medical equipment manufacturer for $110 million.

Under the terms of the deal, Misonix will merge with Bioventus, under the brand of which the resulting company will work. Bioventus acquires Misonix for stock and cash. Misonix shareholders will be given the opportunity to cash out their assets.

The option represents a 25% increase to Misonix's average share price in the week leading up to the merger announcement. These funds will be drawn from Bioventus cash and additional funding from Wells Fargo. The deal is expected to close before the end of 2021 as soon as company shareholders and regulators approve the merger.

The addition of Misonix technology is expected to significantly accelerate the development of Bioventus's business, and Reali analysts predict that the merger will not only lead to "double-digit revenue growth," but will also open up "significant opportunities for a long-term increase in margins." It is expected that the initial growth of the company will lead to an inflow of almost $80 million in income in calendar year 2021. At the same time, the merger will save the combined companies about $20 million on overlapping costs, including general support and infrastructure costs.

Bioventus noted that the company will not create completely new production departments, instead, Misonix products will be embedded in existing Bioventus divisions. For example, Misonix's wound care portfolio will be integrated with Bioventus' offerings for foot and ankle treatment.^[1]

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