Smith & Nephew has now completed the acquisition of a developer of knee cartilage regeneration in a deal worth up to $330 million.
The bolt-on purchase of CartiHeal, the developer of Agili-C, a sports medicine technology, was announced in November, but with the i’s dotted and t’s crossed, Scott Schaffner, Smith & Nephew’s president of sports medicine, vowed that the company’s “expertise in regenerative therapy and leadership in knee repair gives me great confidence that this will be a significant value creator” for Smith & Nephew.
Long-suffering investors in the veteran FTSE 100 company will hope that its bosses are right and that bolt-on acquisitions such as CartiHeal can help not only regenerate frail knees but also the company’s financial performance and limping share price.
