Medical technology company Smith & Nephew, through its subsidiaries, has entered into a definitive agreement to buy all the assets of Healthpoint Biotherapeutics for $782m in cash.

Under the deal, Healthpoint in Texas which develops and commercializes products for bioactive debridement, dermal repair and regeneration wound care, will be integrated into Smith & Nephew's advanced wound management division.

Smith & Nephew chief executive officer Olivier Bohuon said the deal will enable the company to enter into the fast growing area of bioactive wound care treatment and strenthen its advanced wound management division.

"It brings material revenues from a fast growing product range, an attractive pipeline, and commercial and R&D capabilities upon which we will build," Bohuon added.

"The combination benefits our customers, offering them a truly unique wound care business - having leadership positions across exudate and infection management, negative pressure and bioactives."

Smith & Nephew expects to achieve annual cost synergies of nearly $20m by 2015 and incur integration cash costs over the period of around $25m.