In order to move into the fast-growing bioactive wound care market, Smith & Nephew (S&N) has agreed to acquire substantially all the assets of Healthpoint Biotherapeutics for US$782 M in cash. A key driver of the deal is Collagenase Santyl®, the only US FDA approved enzymatic debrider that S&N itself used to market. The company will also gain strong commercial capabilities in the US and a pipeline led by HP802-247, which is in Phase III development for venous leg ulcers and offers significant upside potential.