After being sold from one private equity firm to another in September, Hopkinton-based Isto Biologics has acquired a fellow biotech firm focused on bonehealing.
Isto purchased NovaBone Products, a Florida-based company focused on developing and manufacturing synthetic bone grafts, from British firm Halma for $60 million. The purchase allows Isto to provide surgeons with a broader range of bone graft substitutes, Isto announced Tuesday.
Isto’s portfolio of products includes therapies and synthetic bone grafts. These products are utilized in more than 15,000 surgical procedures a month in the United States, according to the firm.
France-based private equity firm Keensight Capital purchased a majority stake in Isto in September from Missouri-based Thompson Street Capital Partners, according to a Keensight announcement. Isto’s purchase was its first acquisition since Keensight’s investment.
Keensight acquired Isto as part of its strategy to invest in growing companies generating revenues in the range of $11.5 million to $461.4 million.
Halma said in a Tuesday announcement Isto was profitable and growing but would be best served under ownership directly tailored to its market and investment needs.
NovaBone was founded in 2022 and develops advanced biomaterials for bone and soft-tissue regeneration. The company’s products include NovaBone Putty, a synthetic material serving as a substitute for bone grafts approved by the U.S. Food and Drug Administration.
Isto merged with California-based biologics Advanced Biologics in 2023 after acquiring a different California company a year earlier.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
