Exton, Pennsylvania - Medical device firm Kensey Nash Corp. has agreed to a merger agreement with global life and material sciences company, Royal DSM. Kensey Nash will be merged with DSM Biomedical for $38.50 per share in cash.
Kensey Nash designs, develops and manufacturers medical devices from synthetic absorbable polymers, including polyurethane. DSM said the acquisition will strengthen and complement DSM Biomedical's business and capabilities, and put it "on the map" as a new profitable growth platform.
"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,ceo of Kensey Nash in a 3 May news release.
He added, "When completed, the transaction will also be a great event for our strategic partners, customers and employees. Our employees will benefit from the growth and expansion that DSM envisions will occur from this combination of capabilities and resources."
Under the terms of the merger agreement, DSM of Herleen, the Netherlands, will commence an all-cash tender offer to acquire all of the outstanding shares of common stock of Kensey Nash in May. The tender offer is due to be completed by the end of June 2012.