1st Apr 2019 09:28
LONDON (Alliance News) - Smith & Nephew PLC on Monday said it agreed to buy Leaf Healthcare Inc following a successful two-year distribution partnership.
The FTSE 100-listed medical technology firm did not disclose any financial detail of the deal, but said it expects to complete the acquisition in the second quarter of 2019. The transaction will be financed from existing cash and debt facilities.
Leaf Healthcare is the developer of the patient monitoring system for pressure injury prevention and patient mobility monitoring.
Smith & Nephew said this monitoring system is comprised of a small, lightweight, wearable sensor that wirelessly monitors a patient's position and mobility whilst in a hospital.
Smiths & Nephew said its Allevyn Life, Allevyn Gentle Border and Secura skin care products together with Leaf Healthcare's patient monitoring system provide a comprehensive portfolio to help customers achieve and optimise pressure injury prevention protocols.
"Consistent with our initial strategic investment, Smith & Nephew is focused on providing not just products to treat conditions, but also supporting clinicians with technologies designed for prevention as well as treatment, and helping healthcare facilities reduce the cost of care," said Simon Fraser, president of Advanced Wound Management at Smith & Nephew.
"We are excited by this new opportunity to deploy our award-winning pressure injury prevention technology through Smith & Nephew's extensive Advanced Wound Management portfolio," added Barrett Larson, co-founder & chief executive of Leaf Healthcare.
Smith & Nephew shares were trading 0.8% higher on Monday at 1,535.50 pence each.
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