Bioventus sold its wound care segment to LifeNet Health, according to a May 10 news release.
The business was sold for $85 million, and the expenses are expected to repay existing debt. The sale aims to help the company "enhance our liquidity and enable a greater focus on execution," interim CEO Tony Bihl said in the release.
The move comes just over a month after Bioventus' former CEO, Ken Reali, resigned.