DC Advisory acts as the exclusive financial adviser to Halma plc on its sale of NovaBone Products to Isto Biologics, a portfolio company of Keensight Capital

Background

• Based in UK and listed on FTSE 100, Halma is a global group of safety, environmental, and healthcare companies that detect hazards, monitor the environment, and support patient care
• In 2020, Halma acquired NovaBone
• NovaBone is a regenerative medtech platform built on proprietary bioactive glass technology - serving the orthopedic, dental, and wound care end markets - with osteostimulative properties that actively recruits and activates bone-forming cells to drive new bone growth
• Founded in 2002, NovaBone deploys its clinically validated product portfolio to high-growth regenerative end markets in over 40 countries 

Process

• DC Advisory acted as the exclusive financial adviser to Halma on its sale of NovaBone to Isto Biologics (Isto)
• DC Advisory leveraged its deep sector expertise in the medical device sector and professional relationships to engage with the industry’s leading strategic partners to secure the optimal set of acquirors for NovaBone and its shareholders
• DC Advisory provided comprehensive M&A advisory and execution support services throughout the transaction process, including strategic process design, sector-specific market insights, transaction positioning, and hands-on guidance during negotiations to help drive a successful outcome

Outcome

• In August 2026, following a targeted market outreach that included primarily strategic buyers, Halma completed the sale of Novabone and its subsidiaries to Isto for a total consideration of $60m on a cash and debt free basis
• With the support of Keensight Capital, Isto will expand its synthetics portfolio in the bone graft substitute segment while unlocking revenue synergies through the cross-selling of NovaBone bioglass products within the Isto customer network
• This transaction marks DC Advisory’s 10th medical technology transaction in the last two years and 23rd Healthcare transaction completed by the US Healthcare team since 2022