AptarGroup, Inc. (NYSE: ATR) today announced that it has acquired a minority interest in Oval Medical Technologies Limited and has secured a license regarding certain of Oval Medical Technologies’ intellectual property.
On November 14, 2011, AptarGroup acquired a 20% interest in Oval Medical Technologies Limited for approximately $3.2 million. Oval Medical, which is based in Cambridge, U.K., has broad expertise in the design and development of injectable drug delivery devices.
Commenting on the acquisition, AptarGroup’s President and Chief Executive Officer Peter Pfeiffer said, “This transaction represents a significant opportunity for our Aptar Pharma business to enter a new category and broaden our product portfolio and customer reach. The large and fast-growing biologic market demands novel drug delivery technologies that allow safe and effective self-injection by patients. This partnership will allow us to combine Aptar Pharma’s recognized experience, industry leadership and global presence with Oval Medical’s design expertise, creativity and intellectual property rights. It allows Aptar Pharma to become the preferred manufacturing partner of Oval Medical and creates a new global player in the area of injectable drug delivery devices. We look forward to offering even more innovative solutions to the biotech and pharmaceutical industries.”
Through the licensing arrangement, AptarGroup can conduct its own research and development activities on the auto-injector technology and combine them with its existing proprietary technologies and know-how.AptarGroup, Inc. is a leading global supplier of a broad range of innovative dispensing systems for the personal care, fragrance, cosmetic, pharmaceutical, household, food, and beverage markets. AptarGroup is headquartered in Crystal Lake, Illinois, with manufacturing facilities in North America, Europe, Asia and South America. Aptar Pharma is the worldwide leader in the development and manufacturing of proprietary drug delivery devices such as nasal spray pumps and metering valves used for treatment of Allergic Rhinitis, Nasal Congestion, Pain Asthma and Chronic Obstructive Pulmonary Disease. For more information, visit www.aptar.com.