ISP and Niro form strategic
International Specialty Products, from Wayne, NJ, US, and Niro, from Soeberg, Denmark, have signed two agreements.
International Specialty Products, from Wayne, NJ, US, and Niro, from Soeberg, Denmark, have signed two agreements.
The first establishes a strategic alliance between the two companies and specifically involves the development and marketing of spray drying and formulation technologies to enhance the bioavailability of pharmaceutical active ingredients. The second agreement represents an acquisition by ISP, through a subsidiary, of Niro's Pharma Technologies business located in Columbia, MD, US, from Niro's US affiliate, Niro Inc.
The business acquired by ISP provides contract formulation, scale-up and manufacturing services with a focus on the use of spray drying technology for bioavailability enhancement.
Through the strategic alliance, the two companies will work together to further develop and market the technology as a means to improve the bioavailability of drug actives and bring added value to the industry.
Sunil Kumar, ISP president and chief executive officer, commenting on the acquisition and alliance, stated: 'This acquisition and the alliance with Niro add an exciting business and technology to our pharmaceutical portfolio for the benefit of our customers around the world. We are very impressed with the potential this technology brings to addressing a significant industry need and feel that it is an excellent fit with our pharmaceutical excipients business. Not only will this new technology accelerate the growth of our current business, but we believe it will lead to a number of new high-value opportunities in the future.'
Steve Kaplan, president of Niro Inc commented: 'We believe that ISP's material science expertise, formulation know-how and presence in the global pharmaceuticals market will rapidly enhance the development, growth and value of this technology and our equipment in the market. Through the combination of our complementary strengths, we plan to bring more innovative technology to end-users faster and in a more comprehensively supported way than would otherwise be possible.'