Kensey Nash Completes Sale to Spectranetics

Kensey Nash Corp. said Monday it has completed the sale of its endovascular business to Spectranetics Corp. in a deal valued at up to $24 million.

Spectranetics, of Colorado Springs, Colo., purchased Kensey Nash’s QuickCat and ThromCat blood clot removal devices and its SafeCross products, which are used to treat chronic total blockages.

The products generated sales of $5.1 million for Kensey Nash of Exton, Pa., last year.

As part of the sale, Kensey Nash will continue to manufacture and develop the products for Spectranetics for an initial term of three years.

The purchase price included an upfront payment of $10 million and additional payments of up to $14 million, based on future product sales and the development of “next generation” products that incorporate Kensey Nash’s technology.