Bioventus Acquires OsteoAMP® from Advanced Biologics
DURHAM, NC – October 13, 2014 – Bioventus, a global leader in orthobiologic solutions, today announced it has acquired the OsteoAMP® product line, intellectual property and commercial business from Advanced Biologics LLC. OsteoAMP is a tissue based bone biologic product that is used by spine surgeons to promote natural bone growth and healing. OsteoAMP is a bone allograft made using a proprietary process designed to retain the bone’s natural growth factor complement. OsteoAMP comes in four formats and is a cost-effective alternative to recombinant growth factors and allograft-derived stem cells. The four distinctive formats of the product (granules, compressible sponges, putty, and structural grafts) provide an advantage by allowing surgeons to tailor delivery of the technology according to their needs in surgery.
“Surgical orthobiologics is a priority for Bioventus and this acquisition puts the company in position to engage with customers in this market and grow the segment,” said Anthony P. Bihl III, Chief Executive Officer of Bioventus. “We are very pleased to be in business with the talented team at Advanced Biologics. The well developed and successful clinical data set distinguishes OsteoAMP from competitive technologies. In addition, this agreement also includes R&D and product supply which could lead to future innovations in this space.”
“The exciting part about developing OsteoAMP with my colleagues was seeing our collective vision of changing the bone grafting landscape with OsteoAMP become a reality,” said Amit Govil, President, Advanced Biologics. “As OsteoAMP has proven itself through multiple published clinical data sets we wanted to seek a buyer with a shared culture and vision to service this market and broaden the use of this suite of products.”
Bioventus will distribute OsteoAMP through the current network of distributors. To accelerate the growth of the OsteoAMP product line Bioventus is creating a new business group and has appointed Dr. Henry Tung as Vice President and General Manager of Surgical Orthobiologics for the company. The acquisition of OsteoAMP, together with the 2013 agreement with Pfizer to develop the next generation bone morphogenetic protein (BMP), are the foundation for this new business.
About Advanced Biologics
Founded in 2009, Advanced Biologics (ABC) is a privately-held company focused on developing innovative and clinically relevant biologic solutions across a wide degree of medical specialties. The OsteoAMP® family of osteoinductive/conductive products is the first line of orthobiologic offerings produced by ABC. ABC has been recognized three times as ‘Best New Technology’ during the Orthopedics This Week Spine Technology Awards. Learn more at www.advancedbiologics.com
Bioventus LLC is an Orthobiologics company that delivers clinically proven, cost-effective products that help people heal quickly and safely. The company’s innovative products include market-leading devices, therapies and diagnostics that make it a global leader in active orthopaedic healing. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide.