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Smith & Nephew completes Healthpoint acquisition

Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, today announces the completion of the acquisition of substantially all the assets of Healthpoint Biotherapeutics ("Healthpoint"). The purchase price of $782 million in cash has been financed from Smith & Nephew's existing cash resources and bank facilities.

The acquisition gives Smith & Nephew a strong position in bioactives, the fastest growing area of advanced wound management.

Smith & Nephew said its full year profits to be at the lower end of its guided range after a third quarter where growth was flat outside US and emerging markets but its artificial hips business returned to growth. Revenue grew 3% to $1.15bn in the three months to 30 September, leading management to expect underlying revenue growth for the full year to be at the lower end of the 3-4% guided range, with profit margins to be at the lower end of the guided 20-70 basis points range.