Kensey Nash to Be Acquired by Royal DSM
Kensey Nash Corp. has announced it will be acquired by Netherlands-based Royal DSM, according to a news release.
Under the agreement, DSM will acquire all the outstanding shares of common stock of Kensey Nash through a cash tender offer, followed by a merger with a subsidiary of DSM, for $38.50 in cash per share for total enterprise value of approximately $360 million.
Kensey Nash is a medical device company primarily focused on regenerative medicine utilizing its proprietary collagen and synthetic polymer technology. Royal DSM is a global science-based company active in health, nutrition and materials.
"We are very pleased to have entered into the merger agreement with DSM, as the transaction will deliver significant value to our stockholders," said Joe Kaufmann, Kensey Nash president and CEO, in the release. "When completed, the transaction will also be a great event for our strategic partners, customers and employees. DSM is a global life sciences and materials sciences company with sales around euro 9 billion and 22,000 employees worldwide. Their presence in biomedical materials markets comes from a unique convergence between their expertise in life sciences and materials sciences. Our employees will benefit from the growth and expansion that DSM envisions will occur from this combination of capabilities and resources.
The tender offer is expected to be completed by the end of June.
Kensey Nash Corp. is based in Exton, Pa.
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