Smith & Nephew (FTSE:SN, NYSE:SNN) completed the acquisition of substantially all the assets of Healthpoint Biotherapeutics, paying $782 million in cash financed by the company’s existing cash resources and bank facilities.
The purchase of Healthpoint gives Smith & Nephew a strong position in bioactives, the fastest growing area of advanced wound management, according to the press release.
"We are delighted to welcome Healthpoint to Smith & Nephew," CEO Olivier Bohuon said in prepared remarks. "Its bioactives platform perfectly complements our exudate and infection management and negative pressure expertise."
U.K.-based Smith & Nephew in November announced intentions to acquired privately held Healthpoint, which has strong positions in bioactive debridement, dermal repair and regeneration products, which collectively drew $190 million in revenues during 2012, Smith & Nephew noted.
Bohuon said the company’s Advanced Wound Management division has consistently outperformed the market growth rate in recent years and the deal will help customers meet the growing human and economic cost of wounds.
The company in November also named Julie Brown as CFO after the former CFO stepped down from his role.