Smith & Nephew CEO Olivier Bohuon has a highly treatable form of cancer. Bohuon's treatment will include chemotherapy, and is expected to conclude in the late fall, the company said in a statement. He will remain CEO and "be actively involved in running the company through much of his treatment period."
The belief that midsized orthopedics player Smith & Nephew will be taken over persists. In spite of takeover rumors that haven't turned out to be true, the company was named the top European acquisition target for the second year in a row in a survey of equity traders and analysts conducted by Bloomberg.
Smith & Nephew sees the arthroscopically delivered cartilage repair solution it's just bought from Montreal, Canada-based Piramal for an undisclosed sum as a first-line treatment. Known as BST-CarGel, it's approved in most of Europe, Australia and Canada.
Ever since Zimmer agreed to purchase Biomet for $13.4 billion in April 2014, the wait for takeover of Smith & Nephew has been on, with Stryker being the most likely acquirer. Rumors of an impending deal were just renewed by a StreetInsider report that Stryker has put an $18 billion offer for Smith & Nephew on the table, sending its stock up as much as 6%.
Orthopedic implant maker Stryker made its $1.7 billion purchase of robotic surgical player Mako in December 2013. Now, rival Smith & Nephew is making its own move into robotic-assisted orthopedic surgery with a bid to acquire partner Blue Belt Technologies for $275 million.
Smith & Nephew is launching its dissolvable nasal dressing NasaStent. The intranasal splint is made of carboxymethyl cellulose that converts to a hydrocolloidal gel as nasal fluid is absorbed--it then simply drains from the nasal cavity. This gradual dissolution is expected to be less jarring for patients than the typical removal of other structural dressings, which must be taken out in fragments by a physician.
Orthopedics player Smith & Nephew is rounding out its presence in emerging markets with the acquisition of the trauma and orthopedics business as well as a manufacturing company of the DeOst Group. The Russian company manufactures medical devices and has also served as Smith & Nephew's product distributor in the region since 2009.
Orthopedics company Smith & Nephew plans to close its York, U.K., facility by the end of 2016, resulting in the relocation of 80 jobs.
Orthopedics specialist Smith & Nephew is removing particular hip implant sizes and related components from the market after data from the U.K.'s National Institute for Health and Care Excellence found that smaller sizes of the Birmingham Hip Resurfacing System had revision rates that exceed its benchmarked expectations. It's also advising against any use of the system in women. But despite the data, it's not advising that patients with the now-contraindicated implant have proactive revisions.
Outside of surgery, physicians can do very little to treat severe rotator cuff tears. Israeli company OrthoSpace is aiming to offer a new treatment option. It's raised an $8 million venture round led by Healthpoint Capital that will finance a pivotal, U.S. trial for the company's biodegradable balloon system InSpace.