Dutch chemicals firm DSM takes over U.S. biomedical company Kensey Nash
The Hague, May 3 (Xinhua-ANI): Dutch chemicals company DSM has acquired U.S.-based Kensey Nash, it was announced on Thursday.
DSM will pay 38.5 U.S. dollars in cash per share for the U.S. Nasdaq-listed company, for a total enterprise value of some 360 million U.S. dollars. The transaction has been unanimously approved by both DSM's supervisory board and Kensey Nash's board of directors.
The deal is likely to be completed at the end of the second quarter. From 2013, the acquisition will contribute to the results of DSM.
Kensey Nash is a technology-driven biomedical company primarily focused on regenerative medicine. The American firm expects net sales of 100 million U.S. dollars and an operating profit of 36 million U.S. dollars in the current fiscal year to the end of June 2013.
"As life expectancy continues to increase and people want to remain physically active, growth in the biomedical materials market is expected to remain high," Feike Sijbesma, CEO and chairman of the DSM managing board, said in a press release.
"With this acquisition, we are putting DSM Biomedical clearly on the map as the second new growth platform for DSM in addition to our bio-based products and services business." (Xinhua-ANI)
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