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Fly News Breaks for December 20, 2019
Dec 20, 2019 | 07:23 EDT
Cantor Fitzgerald analyst Craig Bijou keeps a Neutral rating on Wright Medical Group (WMGI) after a web report said that Smith & Nephew (SNN) may be exploring a superior bid for Wright compared to the $30.75 per share acquisition from Stryker (SYK). The analyst believes Smith & Nephew was seriously considering an acquisition of Wright Medical until its CEO resigned in October. That said, he does not believe Smith & Nephew would want to get into a bidding war with the "much-larger" Stryker. Further, Bijou is not sure that the "traditionally conservative" company would be willing to add the debt necessary to complete the deal.
News For WMGI;SNN;SYK From the Last 2 Days
Jan 19, 2022 | 05:19 EST
Smith+Nephew announced the acquisition of Engage Surgical, owner of the only cementless unicompartmental knee system commercially available in the U.S. The Engage Surgical Partial Knee System is a 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. With Engage Surgical's Partial Knee System, Smith+Nephew expects to be able to drive market expansion in the U.S., and in time in other markets as regulatory approvals are secured. Engage Surgical's Partial Knee System currently has regulatory clearance in the U.S. where it is in limited market release. The cost of the acquisition is up to $135M contingent on sales performance. The acquisition was financed from existing cash and debt facilities. Engage Surgical is located in Orlando, Florida.