Smith & Nephew buys Exogen for $68 million

Smith & Nephew, the UK health care group, has signed a definitiveagreement to acquire all the outstanding shares of Exogen, a New Jersey, USA-based supplier of non-invasive ultrasound devices for accelerated healing of bone fractures. With a cash price of $5.15 per share, the transaction values Exogen at approximately $68 million.

The acquisition is expected to close in September this year, at which time the subsidiary of Smith & Nephew Inc in the USA will be merged into Exogen. S&N says that it will be able to fund the deal from its existing cash resources. The board of directors at each company has approved the deal.