Global medical technology company Smith & Nephew announced Monday it has completed the acquisition of a substantial stake in Healthpoint Biotherapeutics.
The FTSE 100 company paid $782m in cash for the assets, financed from the existing cash resources and bank facilities. The transaction increases Smith & Nephew's position in bioactives, the fastest growing area of advanced wound management.
Olivier Bohuon, Chief Executive Officer of Smith & Nephew, said: "We are delighted to welcome Healthpoint to Smith & Nephew. Its bioactives platform perfectly complements our exudate and infection management and negative pressure expertise.
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"Our Advanced Wound Management division has consistently outperformed the market growth rate in recent years. We expect to make further progress as we build upon our unique breadth of products to help customers meet the growing human and economic cost of wounds."
Smith & Nephew is a global medical technology business with a strong focus in orthopaedic reconstruction, advanced wound Management, sports medicine and trauma.
The company, which has about 11,000 employees, reported $4.3bn in annual sales for 2011.
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