Halma Plc (LON:HLMA) has completed the sale of NovaBone Products LLC and its subsidiaries to Isto Biologics for total consideration of $60m (£45m) on a cash and debt free basis.
NovaBone designs and manufactures differentiated orthobiologic products, and is headquartered in Florida, US1. While NovaBone has developed well under Halma’s ownership, strengthening its product offering and capabilities, a recent strategic review concluded that NovaBone is best placed to grow under ownership more closely aligned to its market and investment needs. Isto Biologics is an established orthobiologics business with a complementary portfolio and capabilities to support NovaBone’s future growth.
The divestment reflects Halma’s disciplined approach to capital allocation and enables continued focus on areas where it sees the strongest opportunities for long-term growth and returns.
Marc Ronchetti, Group Chief Executive, commented:
“We are pleased to have found a new home for NovaBone. Isto Biologics’ deep industry expertise and complementary portfolio make it a clear strategic fit for NovaBone, while enabling Halma to continue focusing investment in areas where we see the best opportunities for long-term growth and returns. I would like to thank the NovaBone leadership team and all its employees for their contribution to the Group. We wish them every success for the future.”
