Smith & Nephew to Buy Osiris Therapeutics for $660 Million
The British orthopedics and wound care giant said the $19-per-share deal is a 37% premium on the 90-day volume-weighted average for OSIR shares. It’s structured as a two-step tender offer, Smith & Nephew said, with Osiris chairman & co-founder Peter Friedli agreeing to commit his 30% stake. The acquisition is slated to close during the second quarter, with the 360 people employed by Osiris joining S&N, that company said.
“Greater presence in the fast-growing regenerative medicine market enhances our portfolio and will help immediately accelerate our wound management business as well as provide longer term innovations in additional channels and indications. We sought out a fast growing portfolio with strong clinical evidence addressing critical needs in the marketplace,” CEO Namal Nawana said in prepared remarks.
“I am immensely proud of the business we have built from our research into advanced regenerative technologies. Smith & Nephew is the best new owner to take these products forward, widening access to more customers and restoring quality of life for more patients,” Friedli added.
Osiris put up sales of $102 million for the nine months ended Sept. 30, 2018 and $36.5 million during last year’s third quarter. Fourth-quarter and full-year results are on tap for March 15, Smith & Nephew said.
The cash-and-debt transaction is expected to add to S&N’s adjusted earnings per share starting next year, with return on invested capital topping the cost of capital three years after closing, the company said.
OSIR shares closed up 0.9% at $18.88 each yesterday. SNN shares, which closed up 0.8% at $38.79, were up 0.7% to $39.04 apiece just before the open today.
See Full Article at the Source: Smith & Nephew puts up $660m for Osiris Therapeutics – MassDevice
Written by: Brad Perriellio
Legacy MedSearch has more than 30 years of combined experience recruiting in the medical device industry. We pride ourselves on our professionalism and ability to communicate quickly and honestly with all parties in the hiring process. Our clients include both blue-chip companies and innovative startups within the MedTech space. Over the past 10 years, we have built one of the strongest networks of device professionals ranging from sales, marketing, research & , quality & regulatory, project management, field service, and clinical affairs.
We offer a variety of different solutions for hiring managers depending on the scope and scale of each individual search. We craft a personalized solution for each client and position with a focus on attracting the best possible talent in the shortest possible time frame.
Are you hiring?
Contact us to discuss partnering with Legacy MedSearch on your position.