Management buy out of Elan's UK drug delivery business

Published: 21-Jul-2003

Quadrant Technologies Limited (QTL) has acquired Elan Corporation's, UK based drug delivery business, Elan Drug Delivery Limited (EDD-UK).


Quadrant Technologies Limited (QTL) has acquired Elan Corporation's, UK based drug delivery business, Elan Drug Delivery Limited (EDD-UK).

QTL was recently formed by the existing management team of EDD-UK and is financed by a group of external investors led by Michael Fitzgerald. The board of directors consists of Michael Fitzgerald, non-executive chairman; Raj Uppal, ceo; Terence Chadwick, senior vice president r&d, and Duncan Fitzwilliams, non-executive director.

EDD-UK acquired Quadrant Healthcare in 2000 and has continued to develop the Quadrant formulation and stabilisation technologies with a particular emphasis on pulmonary drug delivery. Over the last two and half years the UK based company has also been responsible for the development of a novel dry powder inhaler device and associated drug packaging technology owned by Elan.

EDD-UK has licensed its formulation technologies to several major companies including Glaxo SmithKline, Baxter Healthcare, Becton Dickinson and Hayashibara. In addition, EDD-UK has a joint venture with Micro-Dose Technologies, which is focused on the development of an inhaled insulin product for the non-invasive treatment of diabetes.

In a separate transaction QTL acquired certain intellectual property, including a substantial patent portfolio, from Elan relating to the novel dry powder inhaler and associated drug packaging systems it has been developing on behalf of Elan.

EDD-UK will change its name to Quadrant Drug Delivery Limited (QDD) with immediate effect, and will continue to be based in Nottingham.

Raj Uppal said: 'I am looking forward to working with the team at Quadrant to continue the development of the exciting portfolio of products and technologies, which have benefited from substantial investment over the last few years. We have all the elements in place to build a business of significant value and are also well placed to seek out new opportunities.'

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