Smith & Nephew, the U.K. orthopedics, wound management and trauma treatment company, announced Wednesday that it is acquiring Texas-based wound care company Healthpoint Biotherapeutics for $782 million in cash.
The transaction is expected to close in December.
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Healthpoint Biotherapeutics is a biopharmaceutical company and is currently developing a cell therapy for the treatment of venous leg ulcers. The company makes a range of wound care products including the Collagenase Santyl ointment for severe burns and certain types of ulcers.
“The acquisition of Healthpoint is an important step for Smith & Nephew, and for our Advanced Wound Management division,” said Olivier Bohuon. Strategically, it gives us a strong position in the fastest-growing area of advanced wound management — bioactives. And it does this bringing material revenues from a fast-growing product range, an attractive pipeline, and the commercial and R&D capabilities upon which we can build.”
The global advanced wound care market was estimated to be $6.7 billion in 2011, according to Visiongain, a business intelligence firm in the U.K. The firm estimated that the market will grow steadily through 2021, largely driven by the increasing prevalence of chronic wounds associated with chronic conditions like diabetes. These include diabetic ulcers and pressure ulcers.