Elutia announces sale of orthobiologics business unit for cash proceeds of up to $35 million

Silver spring, md., sept. 18, 2023 (globe newswire) -- elutia inc. (nasdaq: elut) (“elutia”), a company pioneering drug-eluting biomatrix products, today announced the divestiture of the company's orthobiologics business unit to berkeley biologics llc, a wholly owned subsidiary of gni group ltd. elutia will receive cash proceeds of up to $35 million, comprised of an upfront payment at closing of $15 million plus potential earnout payments of up to $20 million over a five-year period. the transaction is expected to close in the fourth quarter of 2023.
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