Artificial joint maker Smith & Nephew has agreed a deal to seize control of US wound treatment firm Healthpoint.
The group is paying $782 million (£488.5m) in cash for the business, which is expected to generate sales of about $190m this year, driven by Santyl, an ointment for the removal of dead tissue in wounds.
Paul Dorman, chairman of privately-held Healthpoint, said: “We are very proud of our employees and the busines and believe now is the time to allow it to grow to the next level by joining a global organisation like Smith & Nephew.”
Smith & Nephew chief executive Olivier Bohuon said the deal would give the group’s a strong position in the rapidly-growing area of “bioactive” treatments.
He added: “It brings material revenues from a fast-growing product range, an attractive pipeline, and commercial and R&D capabilities upon which we will build.”