Barely a month after the plan was unveiled, Bioventus’ acquisition of fellow orthopedic devicemaker CartiHeal appears to be on much shakier ground.
Bioventus has walked away from an offering of senior notes that was meant to provide $415 million in debt financing to help fund the deal. In a statement, the North Carolina-based company said it “believes that current market conditions are not conducive for an offering on terms that would be in the best interests of its stakeholders.”
The debt financing plan was first laid out at the end of April: It would’ve seen Bioventus offer up $415 million in senior notes due in 2027, with the proceeds helping fund the CartiHeal buy and repay some of its existing debt.