Smith & Nephew Announces Agreement To Acquire Assets Of Healthpoint
FORT WORTH, Texas, Nov. 28, 2012
FORT WORTH, Texas, Nov. 28, 2012 /PRNewswire/ --Smith & Nephew (LSE: SN,
NYSE: SNN), the global medical technology business, announced today that it
has signed an agreement to acquire substantially all of the assets of
Healthpoint Biotherapeutics for $782 million in cash. The transaction is
subject to regulatory approval and is expected to close in December 2012.
Healthpoint Biotherapeutics, founded in 1992 by Chairman and CEO Paul Dorman,
has been focused on biopharmaceutical leadership in acute, chronic, and
burn-related wound care over the last several years. The Company has driven
impressive growth in its commercial platform, led by sales of Collagenase
Santyl® ointment, and also laid the groundwork for strong future growth
through development of a novel cell therapy, HP802-247, which completed a
successful phase 2b in 2011 (recently published in The Lancet) and for which a
North American phase 3 trial was initiated this September.
"Healthpoint and Smith & Nephew have much in common," stated Paul Dorman,
Founder, Chairman, and CEO of Healthpoint. "We share a commitment to
innovation, the desire to serve healthcare professionals and a fundamental
dedication to improve the quality of life for patients. We are very proud of
our employees and the business we have built and believe now is the right time
to allow it to grow to the next level by joining a global organization like
Smith & Nephew."
"This acquisition makes a lot of sense for both companies," stated Travis
Baugh, President and Chief Operating Officer of Healthpoint Biotherapeutics.
"It 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. It also gives Smith & Nephew a new engine for growth for the next
decade and beyond."
Commenting, Olivier Bohuon, Chief Executive Officer of Smith & Nephew,
said:"The acquisition of Healthpoint is an important step for Smith & Nephew,
and for our Advanced Wound Management division. 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 combination creates a truly unique wound care
business – having leadership positions across exudate and infection
management, negative pressure and bioactives to offer to our customers."
Deutsche Bank is serving as financial adviser to Smith & Nephew on the
transaction and Bank of America Merrill Lynch and JP Morgan served as
financial advisers to Healthpoint.
HP802-247 is an investigational allogeneic living human cell suspension that
consists of two components that are sprayed sequentially on the wound bed at
the time of treatment: a fibrinogen solution and a cell preparation containing
a mixture of growth arrested, living, allogeneic epidermal keratinocytes and
Based on in vitro studies, HP802-247 is believed to release various growth
factors and cytokines into the micro-environment of the wound. These living
cells are anticipated to interact with the patient's own cells to stimulate
wound healing. HP802-247 has been designed to deliver a defined cell ratio
(keratinocyte:fibroblasts) to allow safe and optimal tissue regeneration.
Positive topline results for a Phase IIb clinical trial investigating the
efficacy of HP802-247 in venous leg ulcers were recently announced. The study
was a randomized, double blind, dose-finding study involving 228 subjects
enrolled across 35 investigational centers in the United States. Overall,
HP802-247 achieved statistical significance, as compared with control plus
standard care, in both the primary and secondary endpoints. HP802-247 appears
to be generally safe and well tolerated, with the safety profile of the active
groups being similar to placebo.
About Healthpoint Biotherapeutics
Healthpoint Biotherapeutics is a biopharmaceutical company focused on the
development and commercialization of novel, cost-effective solutions for
dermal repair and regeneration. The company's research and development
strategy is presently centered around next-generation bioactive therapies for
the treatment of chronic wounds. Currently marketed products include
Collagenase SANTYL® Ointment, OASIS® Wound Matrix, OASIS® Ultra Tri-Layer
Matrix and REGRANEX® Gel. Healthpoint Biotherapeutics is also committed to
advancing the care and treatment of wounds through support of industry leading
continuing education from The Wound Institute®. To learn more about this
comprehensive and award winning educational resource, please visit
TheWoundInstitute.com®. Healthpoint Biotherapeutics is a DFB Pharmaceuticals,
Inc., affiliate company, and is based in Fort Worth, Texas. For more
information, visit the company website at www.Healthpointbio.com.
HEALTHPOINT, SANTYL, THE WOUND INSTITUTE, THEWOUNDINSTITUTE.COM and REGRANEX
are registered trademarks of Healthpoint, Ltd.
OASIS is a registered trademark of Cook Biotech, Inc.
SOURCE Healthpoint Biotherapeutics
Contact: Robert Bancroft, Executive Vice President, Strategic and Commercial
Development, +1-800-441-8227, firstname.lastname@example.org
Press spacebar to pause and continue. Press esc to stop.