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Smith & Nephew enters agreement with Healthpoint Biotherapeutics
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Smith & Nephew has entered into an agreement through its subsidiaries to acquire substantially all the assets of Healthpoint Biotherapeutics for $782 million in cash.
“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,” Olivier Bohuon, chief executive officer of Smith & Nephew, stated in a company press release.
According to the release, the acquisition brings a complementary range of bioactive debridement, dermal repair and regeneration products generating around $190 million 2012 revenues growing at a double digit percentage rate, driven by SANTYL ointment.
“It brings material revenues from a fast growing product range, an attractive pipeline and commercial and R&D capabilities upon which we will build,” Bohuon stated.