Kensey Nash pays $20mm cash for Nerites

Kensey Nash Corp. (specializes in resorbable biomaterials) has acquired essentially all of the net assets and operational liabilities of Nerites Corp., a private company focused on surgical adhesives for natural tissue repair. Kensey will pay $17mm cash up front and is holding another $3mm as security for potential indemnification obligations. As long as they haven’t been applied to such obligations, the funds will be released in two equal increments at both the one- and two-year anniversaries of the deal’s closing.