Smith & Nephew To Spin Off Biologics Unit

Smith & Nephew PLC 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.