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Smith & Nephew agrees to acquire Blue Belt Technologies
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Smith & Nephew recently announced it has agreed to acquire Blue Belt Technologies for $275 million.
“Our experience working with Blue Belt Technologies and our customer insight has convinced us that robotics will become increasingly mainstream across orthopedic reconstruction in the foreseeable future,” Olivier Bohuon, chief executive officer of Smith & Nephew, stated in a company release. “This acquisition is a compelling strategic move, with the combination of complementary products and [research and development] R&D programs creating a platform from which we can shape this exciting new area of surgery. It reinforces our distinctive orthopedic reconstruction strategy, which combines cutting-edge innovation, disruptive business models and a strong emerging markets platform to drive outperformance.”
The $275 million cost is subject to possible closing adjustments and will be funded via existing debt facilities, according to the release. The transaction, which will bring an estimated 120 employees to Smith & Nephew, is expected to close by the end of 2015.
The acquisition will combine Blue Belt Technologies’ Navio surgical system for robotic-assisted unicondylar or partial knee replacement with Smith & Nephew’s total, revision, bilateral and other knee replacement offerings. That said, the release states Smith & Nephew remains committed to keeping the Navio system an open platform that can be used with implants from other manufacturers.
“Blue Belt Technologies has redefined robotics in orthopedic surgery, establishing strong traction with customers who are attracted by the high degrees of implant placement accuracy made possible by Navio, as well as its ease of use, portability and attractive economics,” Eric Timko, president and chief executive officer of Blue Belt Technologies, stated in the release. “We are delighted to be joining with Smith & Nephew, with whom we share a passion for innovation and a mission to support health care professionals. Together, we will realize the many opportunities to bring the benefits of robotics-assisted surgery to more patients and new indications.”
Reference:
www.smith-nephew.com.