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Home Industry News Smith and Nephew announces divestment of vascular unit

Smith and Nephew announces divestment of vascular unit

20th November 2007

Smith & Nephew have announced that its endoscopy division has sold its vascular business unit to a Boston-area investor group led by Jonathan Donaldson and Patrick Maley known as InaVein.

Included in the vascular business are the tumescent catheter inversion system for the removal of the greater saphenous vein and the Trivex system for the minimally invasive removal of varicose veins introduced in 2000.

The sale of the business unit is part of the division’s strategic plan to refine its product portfolio as part of the overall earnings programme for the whole company announced earlier this year.

Financial details of the transaction have not been publicly disclosed.

Mike Frazzette, president of endoscopy at Smith & Nephew, said: “This decision supports our strategy to increase focus on our core arthroscopy business and extend Smith & Nephew’s leadership in the knee, shoulder, hip and small joint repair markets.”

He added that the firm is confident the vascular business will continue to thrive under its new owners who will build upon the foundations laid by the company.

Earlier this month, Smith & Nephew reported revenues of $845 million (407 million pounds) for the third quarter of the current financial year, a ten per cent rise over sales in the same period in 2006.

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