Kensey Nash buys Swiss device maker’s unit for $22 mln (Reuters)
rd Synthes sells Norian to Kensey Nash (Philly.com)
Synthes to pay $23M fine and divest the Norian business… next comes executive sentencings
Medical device maker Kensey Nash Corp said it bought the assets of a unit of Synthes Inc for $22 million in cash.
Switzerland based Synthes’ unit Norian manufactures orthobiosurgery products that are distributed globally by Synthes.
Under the agreement, Kensey Nash will manufacture Norian products and Synthes will continue to distribute them worldwide.
Kensey Nash expects the deal to add about $14 million in product sales and a profit of 15 cents a share in fiscal 2012.
The company also expects fourth-quarter revenue of $18.7-$19.2 million and earnings of 31-33 cents a share.
Analysts on an average are expecting earnings of 44 cents a share on revenue of $18.74 million, according to Thomson Reuters I/B/E/S.
Shares of the Exton, Pennsylvania-based company closed at $24.41 on Tuesday on Nasdaq. (Reporting by Rajarshi Basu in Bangalore; Editing by Roshni Menon)