Kensey Nash acquires assets of Nerites

Kensey Nash (NASDAQ:KNSY) has acquired the assets of closely held Nerites Corp., a developer of medical adhesives and anti-fouling coatings based in Madison, WI. for $20 million in cash.

Nerites is developing a technology platform of adhesive-based biomaterials, which would allow Kensey Nash to further its penetration into the regenerative medicine markets, encompassing soft tissue surgical repair, orthopedics, sports medicine, spine and neurosurgery.

“The Nerites’ technology will integrate well with Kensey Nash’s existing biomaterial capabilities and technologies, providing many opportunities for next generation products currently in the market and expanding our development pipeline as well as opportunities for additional strategic partnerships,” CEO Joseph Kaufmann said in a statement. “We will initially target the hernia and dura-repair markets,” he added.

Revenue from product sales is not expected for at least three-to-five years.