Smith & Nephew, a medical device manufacturer based in the United Kingdom, announced that it has successfully completed the acquisition of Healthpoint Biotherapeutics for $782 million. Smith & Nephew financed the purchase using bank facilities and existing cash resources at the company.
According to a press release, the acquisition of Healthpoint gives the U.K. company a strong position in the bioactives market. Bioactives play an increasingly-significant role in the wound management market.
The company first announced its intentions to acquire Healthpoint Biotherapeutics, a privately-held company, in November of 2012. Healthpoint’s product line includes products for dermal repair, regeneration and bioactive debridement. During 2012, the company generated approximately $190 million in revenues from its product line.
Olivier Bohuon is the CEO of Smith & Nephew. In prepared remarks, he said, "We are delighted to welcome Healthpoint to Smith & Nephew.” He continued, "Its bioactives platform perfectly complements our exudate and infection management and negative pressure expertise."
Smith & Nephew is also in the news for several other positive developments. After a multi-year patent war with Wake Forest University and Kinetic Concepts, Smith & Nephew was finally able to reach a settlement in November.
In November, the company also named a new chief financial officer. Julie Brown was appointed as CFO after the previous executive stepped down from the position.