S&N will retain 49% of a company that in 2010 effectively made a trading profit of $44m on sales of $233m.
Smith & Nephew (S&N), a UK-based medical device maker has sold a majority of its orthopedic division to venture capital (VC) firm Essex Woodlands.
The VC will spin out S&N’s Bioventus by taking a 51% stake and paying $98m in cash and a further $160m through a five-year loan from the new portfolio company.
S&N will retain 49% of a company that in 2010 effectively made a trading profit of $44m on sales of $233m.
Olivier Bohuon, chief executive of…
