Bioventus has initiated a formal review of strategic alternatives, including a potential sale, after receiving an unsolicited acquisition proposal and multiple expressions of interest. The company's Board has formed a committee of independent directors that will evaluate a range of strategic options with the assistance of Evercore as financial adviser. Bioventus reported second quarter revenue of $153.2 million, up 4% year over year, driven by an 11.5% increase in its Pain Treatments segment. The company also reduced net leverage to below 2.0x and reaffirmed full year revenue guidance of $600 million to $610 million.
Bioventus IncUnsolicited acquisition proposal and strategic review likely lead to sale at premium.
Evercore Partners Inc