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
19, 2022
Commission
File Number 001-14978
SMITH & NEPHEW
plc
(Registrant's
name)
Building 5, Croxley Park,
Hatters Lane, Watford, Hertfordshire, WD18 8YE,
England
(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
---
---
[Indicate
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
---
---
[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
---
---
[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 acquires novel cementless partial knee
system
19
January 2022
Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology
business, announces the acquisition of Engage Surgical, owner of
the only cementless unicompartmental (partial) knee system
commercially available in the US.
This acquisition strongly supports Smith+Nephew's strategy for
growth by transforming its business through innovation and
acquisition, while also providing differentiation for its
customers. The Engage Surgical Partial Knee System is a novel,
modern cementless knee implant to serve a resurgent segment driven
by the potential for better long-term fixation through biologic
integration, shorter operating times, and the shift to Ambulatory
Surgery Centers (ASCs).
Randy Kilburn, Executive Vice President & General Manager,
Reconstruction, Robotics and Digital, said:
"Smith+Nephew is now the only medical device company offering both
cemented and cementless partial knee implants in the US, as well as
robotics-assistance through the CORI◊ Surgical
System that is well-suited for the precise alignment needed.
Through our Sports Medicine franchise we have an established,
strong position in ASCs where the vast majority of partial knees in
the US are performed. Our VISIONAIRE◊ business,
the high performance and small footprint of CORI, plus our partial
knee portfolio, is a unique compelling offering for
customers."
The acquisition will drive Smith+Nephew's Robotics and Real
Intelligence strategy. Partial knee procedures are well-matched for
robotics due to the need for precise alignment and Smith+Nephew's
CORI Surgical System already supports the cemented JOURNEY
II◊ unicompartmental
knee. The Engage Surgical Partial Knee System is optimised for
robotics and will have an application with CORI in the future.
Engage Surgical's Partial Knee System also complements
Smith+Nephew's focus on serving the growing outpatient market, with
an increasing proportion of knee procedures performed in
ASCs.
Dan Justin, Chief Executive Officer, Engage Surgical,
said:
"The Engage Surgical Team is excited about joining Smith+Nephew to
help expand the impact of the Engage Surgical Partial Knee System
and integrating it with the CORI Surgical System. Smith+Nephew is
well-suited and well-prepared to continue our mission of providing
better outcomes for knee arthroplasty patients."
With Engage Surgical's Partial Knee System, Smith+Nephew expects to
be able to drive market expansion in the US, and in time in other
markets as regulatory approvals are secured. Engage Surgical's
Partial Knee System currently has regulatory clearance in the US
where it is in limited market release.
The partial knee market is currently worth approximately $300
million in the US (SmartTRAK) and is expected to grow faster than
the total knee market and by around 4% per annum through 2029
(Millennium Research Group, Inc). Smith+Nephew expects cementless
partial knees will grow ahead of overall partial knees, in line
with recent patterns seen in the cementless segment.
The cost of the acquisition is up to $135 million contingent on
sales performance. The acquisition was financed from existing cash
and debt facilities. Engage Surgical is located in Orlando,
Florida.
Enquiries
Investors
|
|
Andrew Swift
|
+44 (0) 1923 477433
|
Smith+Nephew
|
|
|
|
Media
|
|
Charles Reynolds
|
+44 (0) 1923 477314
|
Smith+Nephew
|
|
|
|
Susan Gilchrist / Ayesha Bharmal
|
+44 (0) 20 7404 5959
|
Brunswick
|
|
About Smith+Nephew
Smith+Nephew is a portfolio medical technology business focused on
the repair, regeneration and replacement of soft and hard tissue.
We exist to restore people's bodies and their self-belief by using
technology to take the limits off living. We call this purpose
'Life Unlimited'. Our 18,000 employees deliver this mission every
day, making a difference to patients' lives through the excellence
of our product portfolio, and the invention and application of new
technologies across our three global franchises of Orthopaedics,
Advanced Wound Management and Sports Medicine &
ENT.
Founded in Hull, UK, in 1856, we now operate in more than 100
countries, and generated annual sales of $4.6 billion in 2020.
Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN).
The terms 'Group' and 'Smith+Nephew' are used to refer to Smith
& Nephew plc and its consolidated subsidiaries, unless the
context requires otherwise.
For more information about Smith+Nephew, please
visit www.smith-nephew.com and
follow us on Twitter, LinkedIn, Instagram 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: risks
related to the impact of COVID, such as the depth and longevity of
its impact, government actions and other restrictive measures taken
in response, material delays and cancellations of elective
procedures, reduced procedure capacity at medical facilities,
restricted access for sales representatives to medical facilities,
or our ability to execute business continuity plans as a result of
COVID; economic and financial conditions in the markets we serve,
especially those affecting health care providers, payers and
customers (including, without limitation, as a result of COVID);
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
(including, without limitation, as a result of COVID); 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
. ◊ Trademark
of Smith+Nephew. Certain marks registered US Patent and Trademark
Office.
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
19, 2022
By: /s/
Susan Swabey
-----------------
Susan
Swabey
Company
Secretary
Smith and Nephew (PK) (USOTC:SNNUF)
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