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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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.
-
How to shield your money as Reeves refuses to rule out income tax hikes and warns of ‘necessary choices’Chancellor Rachel Reeves appeared to lay the groundwork for higher taxes in the Autumn Budget on Tuesday morning and refused to stand by her manifesto pledge not to increase income tax.
-
UK state pension is least generous in the G7 – how do other rich countries compare?British retirees get substantially less in state pension than in other wealthy nations, and for fewer years, but the balance is a lower tax burden on working age people
