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British medical technology company Smith+Nephew has agreed to acquire the Extremity Orthopaedics business of Integra LifeSciences in a deal valued at $240m.

The acquisition will boost the extremity business of Smith+Nephew. It forms part of the company’s strategy to invest in higher-growth segments.

The company noted that the deal will provide it with a focused sales channel, complementary shoulder replacement and upper and lower extremities portfolio, as well as a range of new offerings, including devices, implants and instruments.

The acquired business’s focused extremities commercial channel includes a specialised sales force and distributors in Canada, Europe and the US.

Smith+Nephew noted that the product portfolio of Extremity Orthopedics is highly complementary to its current orthopaedics offering. It will enable the company to expand its presence in shoulder replacement and foot and ankle segments sector.

Furthermore, the Extremity Orthopaedics R&D pipeline includes a next-generation shoulder replacement system, which is scheduled for commercial launch in 2022.

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Smith+Nephew Global Orthopaedics president Skip Kiil said: “Integra’s Extremity Orthopaedics business is an established global player in the rapidly growing extremities segment, including total shoulder replacement, and has a well-regarded specialised sales channel and a strong pipeline of new products.

“This strategic acquisition represents a significant opportunity to strengthen Smith+Nephew’s position in a high-value area and allows us to offer a leading extremities portfolio to customers.”

Extremity Orthopedics operates facilities in Austin, Texas, US, and Lyon, France. Following the acquisition, approximately 300 employees are expected to join Smith+Nephew.

Integra LifeSciences Extremity Orthopaedics senior vice-president Peter Ligotti added: “We are looking forward to joining an organisation that is committed to growing and expanding its orthopaedic product portfolio. We are excited for the opportunities ahead as we continue to advance orthopaedic innovations for our customers and improve patient outcomes.”

The transaction, subject to customary conditions and consultation with employee representative bodies, is expected to close by the end of this year.

Smith+Nephew plans to finance the deal, using its existing cash and debt facilities.

Last year, the company acquired Swiss optical tracking technology maker Atracsys Sarl to support its digital surgery system.