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News Summary: Smith & Nephew buys Healthpoint

The Associated Press

THE DEAL: British medical technology company Smith & Nephew PLC is buying Texas-based Healthpoint Biotherapeutics for $782 million.

THE TARGET: Healthpoint Biotherapeutics, founded in 1992, is a privately owned company that focuses on acute, chronic and burn-related wound care. The company, with 460 employees, will remain based in Fort Worth.

THE REASON: Smith & Nephew CEO Olivier Bohuon said the acquisition strengthens his company's position in bioactive wound care.