Isto Biologics, a US-based biologics company dedicated to advancing bone healing, has acquired NovaBone Products, a developer and manufacturer of synthetic bone graft products, from UK-listed Halma, the global group of life-saving technology companies, for a total consideration of US$60m on a cash and debt free basis.
Founded in 2002, NovaBone develops and manufactures synthetic bone grafts based on its proprietary bioactive glass technology, which are sold in more than 40 countries worldwide. NovaBone’s products are used across spine, orthopaedic, foot & ankle, trauma, extremities and dental procedures.
Halma acquired NovaBone in January 2020 for an initial consideration of US$97m. While NovaBone has strengthened its product offering and capabilities under Halma’s ownership, a recent strategic review concluded that it is best placed to grow under ownership more closely aligned to its market and investment needs, said the UK company.
Isto Biologics is an established orthobiologics business with a complementary portfolio and capabilities to support NovaBone’s future growth.
“We are pleased to have found a new home for NovaBone,” said Marc Ronchetti, group CEO. “Isto Biologics’ deep industry expertise and complementary portfolio make it a clear strategic fit for NovaBone, while enabling Halma to continue focusing investment in areas where we see the best opportunities for long-term growth and returns.”
For Isto, the acquisition adds a differentiated portfolio of bioactive glass technologies and expands Isto’s ability to support surgeons with a broader range of bone graft options. It also strengthens Isto’s portfolio by adding new, differentiated synthetic products, providing surgeons with a broader range of bone graft substitutes. NovaBone will also reinforce Isto’s presence in several surgical end-markets, while expanding its international footprint through an established presence in Europe, Asia-Pacific and LATAM.
“This acquisition is a transformative milestone for Isto,” said Brian Barnes, CEO, and Nate Taylor, president of Isto Biologics. “NovaBone has built a highly regarded product portfolio supported by strong clinical evidence and an excellent reputation among surgeons. The addition of its synthetic bone grafts broadens our offering and strengthens our ability to support surgeons across a wider range of procedures.”
Keensight Capital, a France-based private equity manager focused on pan-European growth buyout investments, acquired a majority stake in Isto from Thompson Street Capital Partners (TSCP) in 2025. TSCP retains a minority holding alongside Isto management. This deal marks Isto’s first strategic acquisition since Keensight’s involvement and reflects its ambition to build a transatlantic leader in bone regeneration.
“Since partnering with [Isto], we have shared the ambition of building a leading orthobiologics platform through organic growth and targeted acquisitions,” said Amit Karna and David Piccoli, partners at Keensight Capital. “NovaBone is a highly strategic addition to Isto’s growing platform that will strengthen Isto’s product offering, expand its geographic footprint, and position the combined business as a transatlantic leader in bone regeneration.”
DC Advisory (Manish Gupta, Andrew Murray-Lyon, Yaoyao Rebecca Wang, CFA, Jaclyn Doak, Esq., Paul Lubicich, Matthew Paull, and Niko Lykourentzos ) acted as exclusive financial adviser to Halma on its sale of NovaBone to Isto.
Press release: Isto Biologics strengthens its bone graft substitutes platform with the acquisition of NovaBone – Keensight Capital
