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Wednesday, November 11, 2009

Smith & Nephew To Buy Nucryst Assets For $21 Mln

By Robert Daniel

MarketWatch Pulse

TEL AVIV -- Smith & Nephew, the U.K. medical-devices producer, definitively agreed to acquire substantially all the assets of Nucryst Pharmaceuticals Corp., the Princeton, N.J., medical-products company, for $21 million. Nucryst produces wound-care products using a proprietary silver-based process. Smith & Nephew licenses the right to sell Nucryst's Acticoat dressing portfolio. The deal, the companies said in statements late Tuesday and Wednesday, gives Smith & Nephew's Advanced Wound Management division full control of the intellectual property, manufacturing and assets related to the silver technology incorporated into Acticoat, the U.K. company said. Nucryst also said that it would merge into its 75% shareholder, Westaim Corp. Under the agreement, Nucryst holders other than Westaim will receive preferred stock redeemable for $1.77 cash for each of their shares. Nucryst shares closed on Tuesday at $1.

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