Blueprint
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of
1934
January 22, 2019
Commission
File Number 001-14978
SMITH & NEPHEW
plc
(Registrant's
name)
15 Adam
Street
London, England WC2N 6LA
(Address
of registrant's principal executive offices)
[Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.]
Form
20-F
X
Form 40-F
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by check mark if the registrant is submitting the Form 6-K
in
paper
as permitted by Regulation S-T Rule 101(b)(1).]
Yes
No X
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[Indicate
by check mark if the registrant is submitting the Form 6-K
in
paper
as permitted by Regulation S-T Rule 101(b)(7).]
Yes
No X
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[Indicate
by check mark whether by furnishing the information
contained
in this
Form, the registrant is also thereby furnishing information to
the
Commission
pursuant to Rule 12g3-2 (b) under the Securities Exchange Act
of
1934.]
Yes
No X
---
---
If
"Yes" is marked, indicate below the file number assigned to
the
registrant
in connection with Rule 12g3-2 (b) : 82- n/a.
Smith & Nephew
completes acquisition of meniscal repair system developer
Ceterix® Orthopaedics
22 January 2018
Smith & Nephew plc (LSE:SN, NYSE:SNN), the global medical
technology business, announces it has completed the acquisition of
Ceterix® Orthopaedics, Inc, the developer of the
NovoStitch® Pro Meniscal Repair System. The acquisition
supports the Company's strategy to invest in innovative
technologies that meet unmet clinical needs.
The cost of the acquisition is $50 million and up to a further $55
million over the next five years, contingent on financial
performance.
NovoStitch Pro is a unique device that addresses complex meniscal
tear patterns not adequately served by other repair systems. It
allows surgeons to repair arthroscopically horizontal, radial,
complex, bucket handle and root tears, as well as vertical tears.
It is highly complementary to Smith & Nephew's leading FAST-FIX
360 Meniscal Repair System, which addresses vertical tears, the
most commonly repairable meniscal injury today.
There are currently more than 1.2 million1 meniscal
tears treated surgically in the US each year, with only
15-20%1 of
the cases receiving a meniscal repair, rather than removal. With
products like NovoStitch Pro and FAST-FIX 360, Smith & Nephew
sees the opportunity to double this proportion in the medium
term.
"NovoStitch Pro is an outstanding technology that addresses an
unmet clinical need. We are delighted to add this device to our
Sports Medicine portfolio and are looking forward to the
opportunities that come with it," said Brad Cannon, President
Sports Medicine and ENT, Smith & Nephew.
"We are excited by the growth opportunities of the NovoStitch Pro
at Smith & Nephew and are proud of the impact our technology
has made in developing the meniscal repair market", said Justin
Saliman, MD, Founder and Chief Medical Officer at
Ceterix.
NovoStitch Pro will be sold through the Company's extensive sports
medicine sales force as well as Ceterix's existing dedicated sales
force. NovoStitch Pro has 510(k) clearance for sale in the
US.
Enquiries
Investors
Andrew Swift
Smith & Nephew
+44 (0) 20 7960 2285
Media
Charles Reynolds
Smith & Nephew
+44 (0) 1923 477314
Ben Atwell / Andrew Ward
FTI Consulting
+44 (0) 20 3727 1000
About Smith & Nephew
Smith & Nephew is a portfolio medical technology business with
leadership positions in Orthopaedics, Wound, Sports Medicine and
ENT. Smith & Nephew has more than 15,000 employees and a
presence in more than 100 countries. Annual sales in 2017 were
almost $4.8 billion. Smith & Nephew is a member of the FTSE100
(LSE:SN, NYSE:SNN). For more information about Smith & Nephew,
please visit our corporate website www.smith-nephew.com and follow
us on Twitter, LinkedIn or Facebook.
Forward-looking Statements
This document may contain forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading margins, market trends and our product
pipeline are forward-looking statements. Phrases such as "aim",
"plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. For Smith & Nephew, these factors include:
economic and financial conditions in the markets we serve,
especially those affecting health care providers, payers and
customers; price levels for established and innovative medical
devices; developments in medical technology; regulatory approvals,
reimbursement decisions or other government actions; product
defects or recalls or other problems with quality management
systems or failure to comply with related regulations; litigation
relating to patent or other claims; legal compliance risks and
related investigative, remedial or enforcement actions; disruption
to our supply chain or operations or those of our suppliers;
competition for qualified personnel; strategic actions, including
acquisitions and dispositions, our success in performing due
diligence, valuing and integrating acquired businesses; disruption
that may result from transactions or other changes we make in our
business plans or organisation to adapt to market developments; and
numerous other matters that affect us or our markets, including
those of a political, economic, business, competitive or
reputational nature. Please refer to the documents that Smith &
Nephew has filed with the U.S. Securities and Exchange Commission
under the U.S. Securities Exchange Act of 1934, as amended,
including Smith & Nephew's most recent annual report on Form
20-F, for a discussion of certain of these factors. Any
forward-looking statement is based on information available to
Smith & Nephew as of the date of the statement. All written or
oral forward-looking statements attributable to Smith & Nephew
are qualified by this caution. Smith & Nephew does not
undertake any obligation to update or revise any forward-looking
statement to reflect any change in circumstances or in Smith &
Nephew's expectations.
1. 2018 SmartTRAK US Meniscal Repair Fixation market
report
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Smith
& Nephew Plc
(Registrant)
Date: January
22, 2019
By: /s/
Susan Swabey
-----------------
Susan
Swabey
Company
Secretary