Elron warns $500m Cartiheal acquisition by Bioventus in jeopardy

Elron Ventures (TASE: ELRN) has notified the Tel aviv Stock Exchange that the $500 million sale of Israeli cartilage treatment company CartiHeal, in which it has a 27% stake, to US orthologics company Bioventus is in jeopardy.

Bioventus has announced that it has canceled the $415 million it planned to raise to finance the acquisition, due to market conditions, and it does not have enough cash in its coffers to complete the deal, although it added that it is seeking alternative financing.

Bioventus announced at the end of March that it was taking up its option to buy Cartiheal for $350 million, plus up to $150 million in milestone payments, after Cartiheal received FDA clearance for its product for growing unscarred cartilage tissues.

Published by Globes, Israel business news – – on May 10, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.