FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of
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1934
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March 16, 2004
Commission File Number 001-14978
SMITH & NEPHEW plc
(Registrant's name)
15 Adam Street
London, England WC2N 6LA
(Address of registrant's principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F X Form 40-F
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[Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1).]
Yes No X
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[Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7).]
Yes No X
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[Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing information to the
Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of
1934.]
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- n/a.
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Total Pages: 5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Smith & Nephew plc
(Registrant)
Date: March 16, 2004 By: /s/ Paul Chambers
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Paul Chambers
Company Secretary
2
[LOGO] smith & nephew
12 March 2004
SMITH & NEPHEW TO ACQUIRE LEADING HIP RESURFACING BUSINESS
London and Birmingham, England, March 12, 2004 - Smith & Nephew (LSE:SN,
NYSE:SNN) and Midland Medical Technologies (MMT) today announced an agreement
for Smith & Nephew to acquire MMT, the global leader in metal-on-metal hip
resurfacing.
Smith & Nephew has agreed to pay (GBP)67m in cash and loan notes for MMT, with
additional payments of up to (GBP)33m in cash and loan notes based upon
certain regulatory milestones being met. MMT, based in Birmingham, England,
achieved sales of (GBP)20 million in 2003.
MMT's principal product is the BHR (Birmingham Hip Resurfacing), a hip
procedure pioneered by UK orthopaedic surgeons, Mr. Derek McMinn and Mr. Ronan
Treacy. Hip resurfacing, where the articular surfaces of the femur and
acetabulum are replaced, leaving the femoral head substantially preserved, is
a less invasive bone sparing approach to treating arthritis in younger or more
active patients. Mr. McMinn and Mr. Treacy will remain actively involved with
Smith & Nephew to further develop and train the medical community on the BHR
procedure. MMT will be integrated into Smith & Nephew's global Orthopaedics
Reconstruction business based in Memphis, Tennessee. Agreement has also been
reached with Finsbury Instruments Limited, the manufacturer of the BHR, for
the continued supply of the product.
The BHR procedure has been used in over 27,000 patients since 1997 and has
significant clinical experience, particularly in the UK, Germany and
Australia. Smith & Nephew intends to pursue Food and Drug Administration
approval of the product in the United States.
Sir Christopher O'Donnell, Chief Executive of Smith & Nephew, commented: "This
is an excellent technology acquisition which brings to Smith & Nephew the
world's leading hip re-surfacing company and the most clinically proven
product in a fast expanding area. Demand for less invasive and less traumatic
surgery is increasing, particularly in younger or more active patients. The
acquisition of MMT will expand an already industry-leading range of
reconstructive implant technologies within our Orthopaedics business."
John Hatton, Managing Director of MMT, said: "This was the right time in the
evolution of MMT to seek out a strategic partner to bring metal-on-metal hip
resurfacing devices to the broader orthopaedic patient community. We look
forward to working with Smith & Nephew to drive adoption of this truly
bone-preserving surgery worldwide."
David Illingworth, President of the Orthopaedics business of Smith & Nephew,
added: "With our existing OXINIUM technology, our pending US application for
ceramic-on-ceramic, and the acquisition of the BHR metal-on-metal offering, we
are confident that Smith & Nephew will possess the broadest and most
comprehensive offering of bearing surfaces in the industry. We look forward to
welcoming MMT employees into Smith & Nephew and to offering this innovative
technology to our customers."
About Us
Smith & Nephew (LSE:SN, NYSE:SNN) is one of the world's leading medical
devices companies, specialising in Orthopaedics, Endoscopy and Advanced Wound
Management. Smith & Nephew ranks as the global leader in arthroscopy and
advanced wound management and is the fastest growing full-line orthopaedics
company in the world.
Smith & Nephew is dedicated to helping improve people's lives. The company
prides itself on the strength of its relationships with its surgeon and
healthcare professional customers, with whom its name is synonymous with the
highest standards of performance, innovation and trust. The company has more
than 7,000 employees and operates in 32 countries around the world, generating
sales of over (GBP)1.2 billion.
Enquiries:
Smith & Nephew Investors
Peter Hooley Tel: +44 (0)20 7401 7646
Finance Director
Smith & Nephew Investors/National Media
Angie Craig Tel: +44 (0)20 7401 7646
Corporate Affairs Director Tel: +1 212 850 5756
Smith & Nephew Orthopaedics/Trade media
Andrew Burns Tel: +1 901 396 2121
Financial Dynamics - London
David Yates Tel: +44 (0)20 7831 3113
Financial Dynamics - New York
Jonathan Birt Tel:+1 212 850 5634
MMT
John Hatton Tel: +44 1527 573100
Smith & Nephew will host a short conference call for the media at 2.45pm
GMT/9.45 EST/6.45 PST. Please call Mo Noonan at Financial Dynamics in London
on +44 (0)20 7269 7116 or Jonathan Birt at Financial Dynamics in New York on
+1 212 850 5634 for details of the press call. A call for investors and
analysts has been scheduled for 4pm GMT/11am EST/8am PST. For investors and
analysts wishing to participate in the conference call please call Zehra
Sinmaz at Smith & Nephew on +44 (0)20 7960 2257. This call can be heard live
on the Smith & Nephew website at www.smith-nephew.com.
This press release contains forward-looking statements. The company wishes to
caution the reader that actual results may differ from those discussed in the
forward-looking statements and may be adversely affected by, among other
things, risks associated with new product development and commercialization,
clinical trials, intellectual property, regulatory approvals, competitive
offerings, the company's overall business strategy and other factors.
16 March 2004
The Secretary
London Stock Exchange
RNS
Old Broad Street
London
EC2N 1HP
Dear Sirs,
Smith & Nephew plc has been notified today, pursuant to Section 198 of the
Companies Act 1985 (as amended), by The Capital Group Companies, Inc, that
they have a notifiable interest in 53,478,725 ordinary shares of 12 2/9p each
in the Company representing 5.72% of the issued share capital of the Company.
Yours faithfully,
P.R. Chambers
Company Secretary