Smith & Nephew Completes Gynecology Biz Sale to MedtronicSmith & Nephew Completes Gynecology Biz Sale to Medtronic
August 8, 2016
The British medical device giant made its expected $350 million off the deal.
The Truclear uterine polyp and fibroid removal system has been a major growth driver for the ynecology business. (Image courtesy of Smith & Nephew)
Smith & Nephew announced Monday that it has completed the sale of its gynecology business to Medtronic as expected.
S&N immediately proceeded with what it also pledged when originally announcing the deal in May: a $300 million share buyback program. The share buyback, expected to last no later than the end of March 2017, could include the purchase of up to 18.3 million shares.
S&N officials in a news release described the sale of the gynecology business as a "disciplined strategic approach to capital deployment."
Sales of the gynecology business' Truclear uterine polyp and fibroid removal system were $56 million in 2015, representing about 1% of group revenue. Officials at the British medtech giant has previously described the gynecology business as a better fit for Dublin, Ireland-based Medtronic.
Most gynecology employees are in the U.S. The plan has been for the company to continue Truclear manufacutring for Medtronic for an unspecified transitional period.
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