ArthroCare Acquired For $1.7 Billion

Austin-based surgical device developer ArthroCare is being acquired by British company Smith & Nephew, in a $1.7 billion deal, the two announced this morning. Smith & Nephew said it would pay $48.25 a share for Arthrocare, which develops medical devices specifically aimed at procedures in arthroscopy, spine and neurology; ear, nose and throat; cosmetic, urology, gynecology, laparoscopy and general surgery.