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Strategic Initiatives

Smith & Nephew to Acquire Osiris -

Smith & Nephew (SNN) entered into an agreement to acquire Osiris Therapeutics for USD $19/share in cash, for a total equity value of ~$660MM. While the transaction is largely complementary to SNN’s wound management business, Osiris also brings BIO4® viable bone matrix, an alternative to autograft, and Cartiform® cryopreserved viable osteochondral allograft for articular cartilage repair, products that are exclusively distributed by third parties. The deal is expected to close in 2Q19, with all 360 of Osiris’ employees joining SNN thereafter. For the nine months ended September 2018, Osiris posted combined BIO4 and Cartiform revenue of $26.7MM, about 26% of its overall revenue of $102MM for the period. (Osiris reports full 2018 results on March 15, 2019.) This is SNN’s second company purchase of 2019, following the closure of the Ceterix acquisition in early 1Q19. (Smith & Nephew plc, 3/12/19)