(Photo by Stephen Babcock)
Medical technology multinational Smith & Nephew completed an acquisition deal for Columbia-based Osiris Therapeutics this week, the companies said.
The $660 million deal, in which Smith & Nephew paid $19 per share, was initially announced in March. With the completion, Osiris is no longer being publicly traded on the Nasdaq exchange, and become a subsidiary of London-based Smith & Nephew.
We are pleased to announce that we have completed our acquisition of Osiris Therapeutics Inc., a fast growing company delivering regenerative medicine products including skin, bone graft & articular cartilage substitutes incl. Grafix & Stravix. Read more: https://t.co/d7E6aSnxOD pic.twitter.com/0WP6i01yng
— Smith & Nephew plc (@SmithNephewPLC) April 17, 2019
In March, Smith & Nephew said all 360 Osiris employees are expected to remain with the company. Samson Tom will remain CEO of the company, while Smith & Nephew executive Michael Zagger will assume the role of president, according to an SEC filing.
The companies at that time said Osiris makes 70% of its revenue from a wound care product called Grafix used as a skin substitute for acute and chronic wounds in outpatient and clinical settings, and a soft tissue repair product called Stravix used in surgical settings.
According to the companies, Osiris posted revenue of $142.8 million in 2018, a 20.5% increase over the previous year.
Smith & Nephew aimed to add to its presence in the wound care management market with the deal.
“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,” Smith & Nephew CEO Namal Nawana said. “We sought out a fast-growing portfolio with strong clinical evidence addressing critical needs in the marketplace.”
Osiris was founded in 1992, and joined the ranks of publicly traded biotech companies in Maryland. Cofounder and Chairman Peter Friedli called the deal “a very good outcome” for the company’s shareholders.
The company’s stock was on the rise in the early part of 2019 following a tumultuous period of executive turnover, and a guilty plea by at least one former executive following charges over accounting practices by the U.S. Securities and Exchange Commission that were settled by the company.-30-
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