On July 11, Smith & Nephew's Endoscopy division acquired San Antonio-based OsteoBiologics Inc. Smith & Nephew officials say they will pay $72.3 million in cash for OBI, which is a private company. OBI sells bioabsorbable bone graft substitutes in Europe to repair cartilage defects in the knee, and offers the substances in the United States that are used to strengthen bones. The company reported sales revenue in 2005 of $3.3 million. Smith & Nephew is a worldwide seller of medical devices in endoscopy, orthopedic reconstruction, and advanced wound management.
Robert W. Doyle, Jr.