Boston, MA, August 5, 2022 – Burns & Levinson is pleased to announce that it represented Biorez, Inc., a medical device startup, in the intellectual property aspects of its acquisition by CONMED Corporation (NYSE: CNMD), a medical device company. On August 1, CONMED announced its definitive agreement to acquire privately held Biorez on a cash-free, debt-free basis, for cash consideration of US$85 million at closing, subject to adjustment, and up to an additional US$165 million in growth-based earnout payments over a four-year period. The transaction is expected to be financed through the company's existing credit facility.
The Burns & Levinson intellectual property team was led by Partner Bruce Jobse, who provided advice and counsel relative to the Biorez patent portfolio. Jobse prosecuted multiple US patent applications relating to various aspects of Biorez’s leading BioBrace® product, obtaining allowance of seven patent applications within the past 12 months.
Biorez is focused on advancing the healing of soft tissue using its proprietary BioBrace® Implant technology. The BioBrace® implant is an innovative bioinductive scaffold that is intended to reinforce soft tissue where weakness exists and facilitate healing. BioBrace® is cleared for use by the FDA in multiple product sizes.