In another year, the takeout of Misonix by Bioventus might, at $518m, merit a place in the top 10 biggest medtech M&A deals. But 2021 has seen such a furious pace of dealmaking that Bioventus’s deal is only the 17th largest so far this year, according to Evaluate Medtech. Misonix makes therapeutic ultrasonic devices such as the BoneScalpel, used for osteotomy procedures; Bioventus will add these to its own orthopaedics and wound care products, selling to hospitals, ambulatory surgical centres and office care settings. Holders of Misonix stock can choose to receive either 1.7 shares of Bioventus class A common stock or $28 per share in cash. Bioventus expects the transaction to add nearly $80m to its calendar year 2021 revenue, and be accretive to its adjusted Ebitda in the first full year after the deal’s completion. The group is financing the purchase with a combination of cash and debt. Had Bioventus pulled the trigger earlier it might have got more of a bargain: at the half-year point Misonix’s share price was up 76% from the end of 2020.