Smith & Nephew plc has completed the acquisition of substantially all the assets of Healthpoint Biotherapeutics for $782 million in cash, financed from Smith & Nephew’s existing cash resources and bank facilities.
The acquisition received quite a bit of publicity when it was first mooted at the end of November, mainly because of the high price commentators judged Smith & Nephew was paying for Healthpoint. Anyway, the dotted line has been signed, and Smith & Nephew is sounding bullish about its prospects 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. 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.”
Source: Smith & Nephew plc