UK firm buys Texas-based Healthpoint for $782 mln (Update)

Nov 28, 2012

(AP)—British medical technology company Smith & Nephew PLC said Wednesday it is buying Texas-based Healthpoint Biotherapeutics for $782 million.

Healthpoint Biotherapeutics, founded in 1992, is a privately owned company that focuses on acute, chronic and burn-related wound care.

Smith & Nephew CEO Olivier Bohuon said the acquisition of Healthpoint would strengthen his company's position in bioactive wound care.

"It brings material revenues from a fast growing product range, an attractive pipeline, and commercial and R&D capabilities upon which we will build," he said.

Smith & Nephew shares were down 0.8 percent at 653.5 pence in midday trading in London.

"Whilst the acquisition is broadly about strategy, expanding S&N's wound business, it takes S&N into riskier areas, with future performance linked to the outcome of clinical trials," said Sebastien Jantet, analyst at Investec Securities.

Travis Baugh, Healthpoint's president and chief operating officer, said the acquisition "will enable us to accelerate many of the initiatives we wanted to pursue and will provide development and promotional opportunities to our employees that would not have been available to them had we stayed an independent company."

Healthpoint, which has 460 employees, will continue to be based in Fort Worth.

Explore further: Google looks for more revenue from ads in Android app store

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Ted Hoffman joins Smith Micro

Dec 19, 2005

A former Verizon Wireless executive has been named to the Smith Micro Board, the company announced Monday.

Curtiss-Wright buying Spirent unit for $64 million

Sep 24, 2012

(AP)—Aerospace and defense supplier Curtiss-Wright is buying a division of Britain's Spirent Communications PLC that makes controllers and drives for electric-powered vehicles for $64 million in cash.

Recommended for you

Judge orders suspension of WhatsApp in Brazil

10 hours ago

(AP)—A judge says he has ordered the suspension of the globally popular instant messaging system WhatsApp across Brazil because it has allegedly failed to help in an investigation.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.