Medical technology giant Smith & Nephew is to buy the assets of Healthpoint Biotherapeutics in an attempt to bolster its position in advanced wound care.
Healthpoint, which will be acquired for $782m in cash, is a US-based leader in bioactive debridement, dermal repair and regeneration wound care treatments.
Smith & Nephew's Chief Executive Officer Olivier Bohuon said: "The acquisition of Healthpoint is an important step for Smith & Nephew.Strategically, it reinforces our Advanced Wound Management division by giving us a strong position in the fast growing area of bioactive wound care treatment. It brings material revenues from a fast growing product range, an attractive pipeline, and commercial and R&D capabilities upon which we will build.
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"The combination benefits our customers, offering them a truly unique wound care business - having leadership positions across exudate and infection management, negative pressure and bioactives."
Explaining the rationale for the purhcase, Smith & Nephew said that the Healthpoint acquisition will: create a strong position in bioactives, the fastest growing area of advanced wound management; bring a complementary range of high-growth products; add R&D capability; exceed its cost of capital in the third full year after completion.
Healthpoint will be integrated into the company's Advanced Wound Management (AWM) division and is expected to double the unit's US sales.
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