Altaris Acquires Kindeva Drug Delivery from 3M
New York, NY—Altaris Capital Partners, LLC (“Altaris”) announced today that it has completed the acquisition of Kindeva Drug Delivery, formerly known as 3M Drug Delivery Systems, from 3M Company (NYSE: MMM) for total consideration of $650 million.
The business, headquartered outside St. Paul, Minnesota, is a leading global contract development and manufacturing organization (CDMO) that specializes in solving complex drug delivery challenges for its pharmaceutical and biotechnology customers using unique inhalation, transdermal, and microneedle drug delivery technologies.
“We are excited to be partnering with 3M and the Kindeva team in this corporate carve-out transaction,” said George Aitken-Davies, Managing Director of Altaris. “We believe Kindeva is well positioned to build on its successful track record as a leading provider of drug delivery technologies.”
Aaron Mann, CEO of Kindeva, commented: “Over the years, 3M has built a unique drug delivery technologies platform, and I look forward to the opportunities ahead for Kindeva as an independent company in partnership with Altaris. We will be executing on an ambitious growth plan that involves significant capital investments and the addition of new jobs across all our operating regions. This is an exciting time for Kindeva and our talented employees.”
As part of the transaction, 3M will retain a minority interest in the business alongside Altaris.
Schiff Hardin acted as legal counsel to Altaris.