Smith & Nephew PLC 6-K, filed Jan 10, 2024
Smith & Nephew PLC (SNN)
6-K
2024-01-10
For: 2024-01-10
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Added on
April 07, 2026
About this 6-K
Smith & Nephew PLC filed this 6-K on January 10, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
January
10, 2024
Commission
File Number 001-14978
SMITH & NEPHEW plc
(Registrant’s
name)
Building 5, Croxley Park, Hatters Lane
Watford, England, WD18 8YE
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F a
Form 40-F
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Smith+Nephew completes acquisition of novel cartilage regeneration
technology for sports medicine knee repair
10 January 2024
Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology
company, announces that it has completed the acquisition of
CartiHeal, developer of
Agili-C, a novel sports medicine technology for cartilage
regeneration in the knee.
Agili-C is an off-the-shelf one-step treatment for osteochondral
(bone and cartilage) lesions with a broader indication than
existing treatments. It is indicated to
treat a wide patient population, including those with lesions in
knees with mild to moderate osteoarthritis,
a previously unaddressed condition, as well as the approximately
700,000 patients1 that
receive cartilage repair annually in the US.
"With its proven superiority2 to
current standard of care, Agili-C has the potential to transform
cartilage repair outcomes," said Scott Schaffner, President Sports
Medicine, Smith+Nephew. "Our expertise in regenerative therapy and
leadership in knee repair gives me great confidence that this will
be a significant value creator for
Smith+Nephew."
Smith+Nephew paid $180
million on completion, with up to a further $150 million contingent
on future financial performance, as
previously disclosed.
Enquiries
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Investors / Analysts
Andrew Swift
Smith+Nephew
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+44 (0) 1923 477433
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Media
Charles Reynolds
Smith+Nephew
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+44 (0) 1923 477314
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Susan Gilchrist / Ayesha Bharmal
Brunswick
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+44 (0) 20 7404 5959
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References
1.
Medtech 360, Sports Medicine Devices, Market Analysis, US, 2018,
Millennium Research Group, Inc.
2. The
U.S. Food and Drug Administration (FDA) granted Agili-C
Breakthrough Device designation status in 2020 and Premarket
Approval (PMA) in March 2022. PMA approval was granted based on the
results of a two-year randomised controlled trial (N=251) that
confirmed superiority of Agili-C over current standard of care -
microfracture and debridement for the treatment of knee joint
surface lesions, chondral and osteochondral defects. Study
inclusion criteria included patients with mild and moderate
osteoarthritis.
About Smith+Nephew
Smith+Nephew is a portfolio medical technology business that exists
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 19,000 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 business units 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 $5.2 billion in 2022.
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 X, 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 profit 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 healthcare 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 and financial 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 disposals, 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;
relationships with healthcare professionals; reliance on
information technology and cybersecurity; disruptions due to
natural disasters, weather and climate change related events;
changes in customer and other stakeholder sustainability
expectations; changes in taxation regulations; effects of foreign
exchange volatility; 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, which is available on the SEC's website at www. sec.gov, 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 in 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.
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Smith & Nephew plc
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(Registrant)
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Date:
January 10, 2024
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By:
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/s/
Helen Barraclough
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Helen
Barraclough
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Company
Secretary
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