Smith & Nephew PLC (NYSE: SNN) announced its plans to spin off its biologics division into a joint venture.
The new entity will be called Bioventus LLC. It will be 51% owned by Essex Woodlands and 49% by Smith & Nephew.
The transaction is likely to complete in the next few months and is projected to lower Smith & Nephew’s earnings per share marginally.
SNN shares gained 1.54% to close at $48.89 yesterday.
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