Smith & Nephew plc, the global medical technology business, has agreed to buy Osiris Therapeutics, Inc. for approximately $660 million.
Osiris Therapeutics, based in Maryland, USA, researches, develops and manufactures regenerative medicine products. It has achieved commercial success with products in orthopedics, sports medicine and wound care.
Osiris’ 360 employees are expected to join the more than 16,000 Smith & Nephew employees on completion of the sale, which is expected in the second quarter of 2019, subject to customary closing conditions.
Namal Nawana, Chief Executive Officer, Smith & Nephew, said: “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.”
Peter Friedli, Chairman and co-founder of Osiris, said: “I am immensely proud of the business we have built from our research into advanced regenerative technologies. Smith & Nephew is the best new owner to take these products forward, widening access to more customers and restoring quality of life for more patients.”
Smith & Nephew plc is a multinational medical equipment manufacturing company headquartered in London, with annual sales in 2018 of $4.9 billion. Its products include advanced wound management products, arthroscopy products, trauma and clinical therapy products, and orthopaedic reconstruction products.