Smith & Nephew was the biggest faller on the FTSE 100 this morning with shares down more than four per cent on reports it is in talks to buy US spine technology Nuvasive in a $3bn (£2.32bn) deal.
Shares fell 4.39 per cent to 1,448p today, having closed on Friday at 1,515p.
The Financial Times reported the potential deal on Friday after markets closed, sending Nuvasive’s share price up 25 per cent in after hours trading.
Smith & Nephew would neither confirm nor deny the reports, saying it “does not comment on rumours and speculation”.
Any deal would herald the first serious transaction for Smith & Nephew chief executive Namal Nawana who was appointed to the role last April.
Nawana, who joined the business from US medical testing company Alere, was appointed in part for his experience of the US market and his deal making expertise.
He oversaw Alere’s $5.3bn acquisition by Abbott Laboratories in 2017.
Smith & Nephew last month closed its acquisition of Ceterix Orthopaedics, a California-based manufacturer of surgical tools for use in knee replacements.
Nuvasive was contacted for comment.