Historic medical equipment manufacturing giant Smith & Nephew has completed two acqusitions of businesses in the US.
The company agreed a deal in March to acquire the Maryland-based regenerative medicine specialist Osiris Therapeutics for $19 per share in cash, representing a total equity value of about $660m.
NASDAQ-listed Osiris develops, manufactures and sells regenerative medicine products including skin, bone graft and articular cartilage substitutes.
Osiris reported revenue of $142.8m for the year ended 31 December 2018, a 20.5 per cent increase on the previous year.
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The acquisition is expected to support the growth of Smith & Nephew’s Advanced Wound Management franchise.
Osiris has become an indirect wholly-owned subsidiary of Smith & Nephew and its shares will cease to be traded on the NASDAQ Global Select Market.
Smith & Nephew has also completed the acquisition of medical device manufacturer Leaf Healthcare, which was announced earlier this month (April 2019).
The acquired business has developed the Leaf Patient Monitoring System for pressure injury prevention and patient mobility monitoring. Its technology comprises a small, lightweight, wearable sensor that wirelessly monitors a patient’s position and their mobility whilst in a hospital.
The deal follows Smith & Nephew’s two-year partnership with Leaf Healthcare as an exclusive distributor and strategic investor.
Smith & Nephew is headquartered in Watford but was founded in Hull and retains significant manufacturing operations in the city.
Date: April 22, 2019
Source: Insider Media Limited
