Smith & Nephew acquires OBI
UK medical technology firm Smith & Nephew says that it has entered into an agreement to acquire USA-based OsteoBiologics, a specialist in the field of bone graft substitution. OBI currently markets TruFit CB, a one-step arthroscopic procedure for repairing bone and cartilage defects, in Europe.
Christopher O'Donnell, Smith & Nephew's chief executive, said that the firm had been looking to expand its endoscopy business into the area of cartilage repair for some time. He went on to say that: "this unique technology [TruFit CB] from OBI strengthens our market leading range of arthroscopy products for the benefit of surgeons and their patients."
The UK firm has agreed to pay a net consideration of $72.3 million in cash for OBI, whose revenues were $3.3 million in 2005. Smith & Nephew added that the deal is expected to reduce its earnings by $7.0 million in the second half of 2006, and be broadly neutral in 2007.
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