The acquired portfolio comprises a next-generation BMP, which is under development and has been designed to provide additional options to currently-marketed BMP products, as well as the rights to rhBMP-2 in indications and fields.
Additionally, Bioventus has also purchased an exclusive option to a BMP program for soft tissue indications.
Based on the agreement, Pfizer will transfer all existing development work for the BMP assets to Bioventus and to undertake certain early-development activities relating to the next-generation BMP.
While Pfizer has received an upfront payment and will be eligible to receive milestone payments and royalties on any sales, it has also agreed to manufacture rhBMP-2 and supply it to Bioventus.
Bioventus lead investor, Essex Woodlands founding partner and managing director Martin Sutter said, "This licensing agreement demonstrates the viability of the investment thesis underlying our participation in Bioventus.
"Developing the next-generation BMP will enable Bioventus to become a recognized leader in orthobiologics," Sutter added.