Smith & Nephew plc, a UK-based health care group, has acquired its South Korean distributors, Yuntab Meditech and ChangMyung, for a total consideration of around L4 million ($6.3 million). The combined sales of the two distributors is said to have amounted to L4.5 million for 1995. The new organization will be named Smith & Nephew Limited and will be based in Yunhab's offices in the capital, Seoul.
According to S&N's chief executive John Robinson, the acquisition completes the company's "market positioning in Asia. We now have a group presence in every major Asian market and will be able to focus our effort on becoming the leading supplier of tissue repair products in Asia." S&N's main products are in the area of orthopedic and wound management.
Dermagraft Trials "Successful" Separately, S&N announced the successful completion of the pivotal clinical trial of its artificial skin product Dermagraft for the treatment of diabetic foot ulcers. This is the first product emanating from its joint venture with Advanced Tissue Sciences of California, USA.
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