Berkeley Biologics, LLC entered into an Asset Purchase Agreement Orthobiologics business unit of Elutia Inc. (NasdaqCM:ELUT) for $35 million on September 17, 2023. The consideration 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 subject to receive regulatory approval and debt financing.

As of September 17, 2023, target board approve the deal. The transaction is expected to close in the fourth quarter of 2023. Michael J. Cochran and David M. Eaton of Kilpatrick Townsend & Stockton LLP acted as legal advisor and Mizuho Securities USA LLC acted as financial advisor to Elutia Inc Andrew Hecht of Hecht Law PC acted as legal advisor to Berkeley Biologics, LLC.