03 May 2012 07:43 [Source: ICIS news]
SINGAPORE (ICIS)--DSM has agreed to fully acquire US-based biomedical firm Kensey Nash at $38.50 (€29.3) per share or about $360m via a cash tender offer, the Dutch specialty chemicals firm said on Thursday.
The offer price represents a 33% premium to Kensey Nash’s closing price on 2 May, DSM said in a statement.
The transaction is expected to close around the end of the second quarter, DSM said.
Kensey Nash is mainly focused on regenerative medicine utilizing its proprietary collagen and synthetic polymer technology, it said.
The US firm expects to generate net sales of almost $90m for the current fiscal year ending 30 June 2012, with a target of growing sales to $100m in the following year, with earnings before interest, tax, depreciation and amorisation (EBITDA) margins of above 30%, DSM said.
“The purchase by DSM of Kensey Nash will strengthen and complement DSM Biomedical's business and capabilities,” the company added.
($1 = €0.76)
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