Acquisitive Smith & Nephew snaps up US medical firm
Hull-headquartered listed medical technology firm Smith & Nephew has acquired US firm Leaf Healthcare.
The transaction follows Smith & Nephew’s two-year partnership with Leaf Healthcare as an exclusive distributor and strategic investor.
Leaf Healthcare is the developer of the Leaf Patient Monitoring System for pressure injury prevention and patient mobility monitoring. It comprises of a wearable sensor that wirelessly monitors a patient’s position and their mobility whilst in a hospital. The tracking data is used to automate and document the compliance with prescribed turn protocols for patients at risk for pressure injuries.
The transaction is expected to close in Q2 2019, subject to the satisfaction of customary conditions, and will be financed from existing cash and debt facilities.
The deal follows on from the announcement last month that Smith & Nephew had acquired US-based regenerative medicine business Osiris Therapeutics in a deal worth more than £500m.
Simon Fraser, President of Advanced Wound Management, Smith & Nephew, said: “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
“The Leaf Patient Monitoring System is highly complementary to Smith & Nephew’s existing wound portfolio and we are excited by the opportunities of expanding this product within our global portfolio.”
Barrett Larson, MD, Co-Founder and Chief Executive Officer of Leaf Healthcare, added: “The benefits of patient turning and improved patient mobility are well recognised, including the potential for shorter hospital stays.
“We are proud of the impact our technology has already made through our existing relationship with 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.”
