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Smith & Nephew shares weak on reports of talks over possible $3bn US orthopaedics acquisition

The Financial Times report, published online late on Friday, said the exact terms of the discussions had not been disclosed and added the talks may still not proceed to a deal

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Nasdaq-listed, California-based NuVasive makes equipment for spinal surgery, as well as bone implants

Smith & Nephew PLC (LON:SN.) shares were weak on Monday after the Financial Times reported that the medical devices firm is in discussions to acquire US surgical instruments maker NuVasive Inc (NASDAQ:NUVA), a deal that could be worth more than US$3bn.

The FT report, published online late on Friday, said the exact terms of the discussions had not been disclosed and added the talks may still not proceed to a deal.

READ: Smith & Nephew up as annual profits surge after US$84mln legal win against insurers

Nasdaq-listed, California-based NuVasive makes equipment for spinal surgery, as well as bone implants.

Last Thursday, S&N posted strong annual results, with all three of its divisions showing increased revenue.

Last month, the UK group completed the US$105mln acquisition of another US orthopaedics firm, Ceterix Orthopaedics.

In early trading on Monday, S&N shares topped the FTSE 100 fallers list, down 2.7% at 1,473.50p.

NuVasive, which has a market cap of USD2.55bn, saw its shares spike 18% higher in US after-hours trading following the publication of the FT article,

Quick facts: Smith & Nephew PLC

Price: 47.78 USD

NYSE:SNN
Market: NYSE
Market Cap: $20.9 billion
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