Smith & Nephew to Buy Osiris in $660 Million Skin Products Deal

Smith & Nephew Plc agreed to buy Osiris Therapeutics Inc. for about $660 million in cash to gain regenerative skin and wound products.

The medical-device maker will pay $19 per share for Columbia, Maryland-based Osiris, it said in a statement, 12 cents more than the March 11 closing price. Osiris’s board backed the transaction.

Smith & Nephew recently signaled its readiness to pursue a bigger deal, with Chief Executive Officer Namal Nawana saying the company wants to play in more areas of medical devices as companies hunt for innovative products to boost growth.

Nawana took over last year at London-based ...