Fresh off an acquisition that expanded its portfolio more broadly in the surgery market, Durham-based Bioventus reached a deal with Switzerland-based IBSA to secure exclusive U.S. distribution rights for a product for pain relief associated with osteoarthritis of the knee.
The product, called GELSYN-3, is a hyaluronic acid (HA) and used to lubricate and cushion joints and relieve arthritis pain.
Bioventus was spun out of Smith & Nephew and has been a standalone entity since May 2012. Its product lines are mainly for osteoarthritis pain and products targeted at helping bones heal after surgery and acquired BioStructures late last year.
Financial details were not disclosed. Bioventus is approximately a $260 million annual business.
“HA products can help patients live a more active lifestyle and have been shown recently to potentially delay the time to total knee replacement,” says Bioventus CEO Tony Bihl.
IBSA Institut Biochimique SA was founded in 1945 by a group of Swiss biologists with its head office in Lugano. The IBSA group employs over 1,800 people and is present in over 80 countries through partnerships and local subsidiaries
Jason deBruyn covers the biopharmaceutical and health care industries. Follow him on Twitter @TriBizHealth or @jasondebruyn.