Also gains rights to intellectual property and becomes preferred manufacturing partner
Aptar Group has taken a US$3.2m (£2m) minority interest in Oval Medical Technologies and has gained the rights to some of the Cambridge, UK-based firm’s intellectual property.
As part of the deal, Illinois-based Aptar Pharma will become Oval Medical’s preferred manufacturing partner.
Aptar Group, a specialist in drug delivery devices, will hold a 20% stake in Oval Medical, which has broad expertise in the design and development of injectable drug delivery devices.
Oval will receive an undisclosed up-front payment in addition to the £2m investment.
Aptar Group’s president and chief executive 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.’
He added that the partnership would allow the firm to combine Aptar Pharma’s experience, industry leadership and global presence with Oval Medical’s design expertise, creativity and intellectual property rights.
Oval has developed a next-generation autoinjector which it believes is smaller, easier and safer to use than any other device currently available, as well as being applicable to a greater range of drugs.
Under the licensing agreement, Aptar Group can conduct its own r&d activities on the auto-injector technology and combine them with its proprietary technologies and expertise.
Oval will obtain rights to certain developments arising from its intellectual property outside the pre-agreed therapeutic areas.