Berkeley Biologics, LLC completed the acquisition of Orthobiologics business unit of Elutia Inc. for $34.6 million.
November 07, 2023
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Berkeley Biologics, LLC entered into an Asset Purchase Agreement Orthobiologics business unit of Elutia Inc. (NasdaqCM:ELUT) for $35 million on September 17, 2023. The consideration comprised of an upfront payment at closing of $15 million plus potential earnout payments of up to $20 million over a five-year period. The transaction is subject to receive regulatory approval and debt financing. As of September 17, 2023, target board approve the deal. The transaction is expected to close in the fourth quarter of 2023. Michael J. Cochran and David M. Eaton of Kilpatrick Townsend & Stockton LLP acted as legal advisor and Mizuho Securities USA LLC acted as financial advisor to Elutia Inc Andrew Hecht of Hecht Law PC acted as legal advisor to Berkeley Biologics, LLC.
Berkeley Biologics, LLC completed the acquisition of Orthobiologics business unit of Elutia Inc. (NasdaqCM:ELUT) for $34.6 million on November 8, 2023. The aggregate purchase price, subject to certain adjustments pursuant to the terms of the purchase agreement paid was, approximately $14.6 million, as adjusted, having been paid shortly after closing and up to $20 million potentially payable after the closing in the form of earn-out payments.
Elutia Inc. is a commercial-stage company, which has developed a portfolio of products using both human and porcine tissue. Its portfolio of products spans the Device Protection, Womenâs Health and Cardiovascular markets. These products are primarily sold to healthcare providers or commercial partners. In Device Protection, it sells CanGaroo, a biological envelope, that is indicated for use with implantable electronic devices, including cardiac and neurostimulator devices. In Womenâs Health, it has developed both patented and proprietary technologies, culminating in the creation of SimpliDerm, a biological matrix designed to leverage the inherent science of natural healing processes. In Cardiovascular, it sells its specialized porcine small intestine submucosa, which is also the tissue used to make CanGaroo, for use as an intracardiac and vascular patch, as well as for pericardial reconstruction. In addition, its TYKE product is designed for use in the neonatal patient population.
ELUTIA INC. 
