Smith & Nephew (SNN) will spin off its biologics business into a new joint venture that will...

|About: Smith & Nephew plc (SNN)|By:, SA News Editor

Smith & Nephew (SNN) will spin off its biologics business into a new joint venture that will be majority owned by healthcare investor Essex Woodlands. Smith & Nephew will receive ~$98M in exchange, which will be used to pay down debt, and a $160M five-year note from the new JV.