DSM completes acquisition of Kensey Nash and strengthens its biomedical business
(Thomson Reuters ONE) -
Royal DSM, the global Life Sciences and Materials Sciences company, today
announces that it has successfully completed the acquisition of Kensey Nash,
through the merger of its subsidiary Biomedical Acquisition Corporation with and
into Kensey Nash. As a result of the merger, Kensey Nash is now an indirect
wholly owned subsidiary of DSM. The acquisition, announced on 3 May 2012, will
strengthen and complement DSM's biomedical business, one of the three Emerging
Business Areas of DSM. The acquisition, for a total enterprise value of
approximately USD 360 million, positions DSM Biomedical as a profitable growth
platform for DSM.
In the merger, each share of Kensey Nash common stock that was not acquired by
DSM in the previously concluded tender offer, other than those as to which
holders exercise appraisal rights under Delaware law and those held by DSM and
Kensey Nash, have been converted into the right to receive the USD 38.50 price
per share in cash that was paid in the tender offer, without interest and less
any required withholding taxes.
Feike Sijbesma, CEO and Chairman of the DSM Managing Board said: "This
acquisition fully fits with our strategy DSM in Motion: driving focused growth.
Biomedical is one of the key areas where we are able to fully leverage our
unique science-based expertise in Life Sciences and Materials Sciences. For DSM
this is the tenth acquisition since our strategy announcement in September
2010. Including the pending acquisition of Ocean Nutrition Canada we have
announced ?1.7 billion worth of growth enhancing acquisitions as we continue to
further improve our attractive portfolio in health, nutrition and materials to
deliver shareholder value with stronger, more stable growth and profitability."
Christophe Dardel, President DSM Biomedical said: "We are very excited to
welcome all employees of Kensey Nash to DSM. With the combined strength and
track record of DSM and Kensey Nash, I strongly believe that we will be able to
take this business to the next level. Our attention is now fully focused on
ensuring a smooth integration of the Kensey Nash business in a timely and
efficient manner. Throughout this process, business continuity and customer
satisfaction will remain key priorities for us while focusing on future synergy
generation between both businesses."
Kensey Nash
Kensey Nash is a US based, technology-driven biomedical company, primarily
focused on regenerative medicine utilizing its proprietary collagen and
synthetic polymer technology. It manufactures and sells through partners medical
device parts in cardiology, orthopedic, sports medicine, spinal and general
surgery. The company is headquartered in Exton (Pennsylvania, USA) with
approximately 325 employees. For Kensey Nash's fiscal year ending June
30, 2012, Kensey Nash has previously issued guidance for net sales of almost USD
90 million, growing to about USD 100 million in its fiscal year ending June
2013, with EBITDA margins above 30%.
Over 25 years ago Kensey Nash developed what is now the leading arterial closure
device in the world using resorbable collagen, synthetic polymer technologies
and device engineering expertise. The company has developed a large catalogue of
technologies that are used to create high-quality products and devices. Its
mechanical device, collagen processing, synthetic polymer, bone mineral,
extracellular matrix and other products provide a solid foundation to develop an
expansive variety of innovations in regenerative medicine.
Strategic rationale
The purchase by DSM of Kensey Nash strengthens and complements DSM's biomedical
business and capabilities, while clearly meeting DSM's financial and strategic
criteria. For DSM Biomedical the acquisition of Kensey Nash is an important step
in realizing its strategic ambition to build strong positions in bio-passive,
bio-active and bio-interactive materials.
The acquisition strengthens DSM's existing position in the market for bio-
passive (medical coatings and polymers) and the emerging market for bio-active
(resorbable polymers and drug delivery) materials. It also provides DSM with a
strong position and pipeline of new technologies in the developing field of
regenerative medicine and tissue engineering (bio-interactive materials).
Kensey Nash has strong relationships with an attractive US customer base, which
will provide the opportunity to leverage DSM's current portfolio. In addition,
DSM's customer base in Europe and Asia will offer attractive growth
opportunities for Kensey Nash's product portfolio.
Integration
Full scale integration of the two businesses will now begin. A dedicated
integration team consisting of both DSM and Kensey Nash representatives will
work diligently to assess the best way to combine the two organizations to bring
new meaningful innovations to customers.
Financial highlights
The acquisition of Kensey Nash is expected to be accretive to DSM's earnings
from 2013 onwards. It will contribute to DSM's aspiration to realize ?1 billion
in sales by 2020 in its combined Emerging Business Areas and puts DSM Biomedical
well on track to meet its contribution to this aspiration. With the acquisition
of Kensey Nash, DSM Biomedical will be well-established as a profitable growth
platform.
DSM - Bright Science. Brighter Living.(TM)
Royal DSM is a global science-based company active in health, nutrition and
materials. By connecting its unique competences in Life Sciences and Materials
Sciences DSM is driving economic prosperity, environmental progress and social
advances to create sustainable value for all stakeholders. DSM delivers
innovative solutions that nourish, protect and improve performance in global
markets such as food and dietary supplements, personal care, feed,
pharmaceuticals, medical devices, automotive, paints, electrical and
electronics, life protection, alternative energy and bio-based materials. DSM's
22,000 employees deliver annual net sales of around ? 9 billion. The company is
listed on NYSE Euronext. More information can be found at www.dsm.com.
For more information:
DSM Corporate Communications DSM Investor Relations
Herman Betten Hans Vossen
tel. +31 (0) 45 5782017 tel. +31 (0) 45 5782864
fax +31 (0) 45 5740680 fax +31 (0) 10 4590275
e-mail media.relations(at)dsm.com e-mail investor.relations(at)dsm.com
Press release-pdf:
http://hugin.info/130663/R/1621741/518243.pdf
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originality of the information contained therein.
Source: DSM N.V. via Thomson Reuters ONE
[HUG#1621741]
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Datum: 25.06.2012 - 08:16 Uhr
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News-ID 159338
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