The former Biologics and Clinical Therapies division of Smith & Nephew spins off with backing from Essex Woodlands and its former parent.

Bioventus, an orthopaedic spin-off from medical technology business Smith & Nephew, a US-based medical technology business, launched today with backing from a syndicate led by Essex Woodlands, which also included Smith & Nephew.

Bioventus was part of Smith & Nephew’s former Biologics and Clinical Therapies division and includes nearly 500 employees from that group.

Employees of the company outside the US will remain with Smith & Nephew and Smith & Nephew will distribute products on behalf of Bioventus outside…