New York, NY —Altaris, LLC (collectively with its affiliates, “Altaris”) announced today the combination of its portfolio companies, Kindeva Drug Delivery (“Kindeva”) and Meridian Medical Technologies (“Meridian”). The combination will create a leading global drug-device combination product Contract Development and Manufacturing Organization (“CDMO”). Kindeva and Meridian will continue to operate independently until closing.
The combined company will have a substantial breadth of drug delivery capabilities, with expertise and technology spanning the parenteral, inhalation, transdermal, and intradermal routes of administration. Milton Boyer, CEO of Meridian, will be CEO of the newly combined company. “We are incredibly excited about the opportunities that will result from the combination of two companies with deep roots in complex drug delivery,” said Mr. Boyer. “The integrated, complementary offerings of Kindeva and Meridian create a CDMO with a broad portfolio of capabilities and proprietary technology platforms across multiple drug delivery formats, enabling us to serve customers and communities across multiple large and growing end markets.”
Kindeva, formerly known as 3M Drug Delivery Systems, was acquired by Altaris in 2020 from 3M Company (NYSE: MMM). Kindeva is a global leader in drug-device combination products with a focus on inhalation, transdermal, and intradermal drug delivery. The company has a long track record of innovation, having invented the first metered dose inhaler in the 1950s.
Meridian was acquired by Altaris in December 2021 from Pfizer Inc. (NYSE:PFE). Meridian focuses on the manufacture of rescue autoinjectors, having pioneered the rescue auto-injector technology in the 1950s and owning over 300 patents related to autoinjector drug-device combination products.
ArentFox Schiff LLP and Kirkland & Ellis LLP acted as legal counsel for Altaris and its portfolio companies. JPMorgan Chase Bank, N.A., Truist Securities, Inc. and KeyBanc Capital Markets Inc., acted as joint lead arrangers for the combination’s financing.
Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 49 healthcare companies which have generated significant value appreciation for its investors. Altaris is headquartered in New York City and manages over $5.0 billion of equity capital.
Headquartered in Woodbury, Minnesota, Kindeva Drug Delivery is a leading global contract development and manufacturing organization, with major manufacturing and R&D sites in the U.S, and U.K. Kindeva provides broad technologies and services to its customers, ranging from formulation and product development to commercial manufacturing. Kindeva focuses on complex drug programs, and its current offering spans inhalation, transdermal and intradermal drug delivery. For more information, please visit www.kindevadd.com.
Headquartered in St. Louis, Missouri, Meridian Medical Technologies, LLC has been manufacturing more tomorrows for more than 60 years, by developing, manufacturing, and commercializing pharmaceuticals administered through proprietary auto-injector technology. Offering both sterile filling and auto-injector capabilities, Meridian’s mission is to be the premier contract development and manufacturing organization for complex sterile drug products and the ideal strategic partner for the health security and pharmaceutical industries. For more information, please visit www.meridianmeds.com.