CRYSTAL LAKE, Ill.–(BUSINESS
WIRE)–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, AptarGroups 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 Pharmas recognized experience, industry leadership
and global presence with Oval Medicals 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.