Altaris Completes the Combination of Kindeva Drug Delivery and Meridian Medical Technologies

New York, NY — Altaris, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the combination of its operating companies, Kindeva Drug Delivery (“Kindeva”) and Meridian Medical Technologies (“Meridian”). The combination has created a leading global contract development and manufacturing organization (“CDMO”) focused on drug-device combination products. The combination will operate under the Kindeva name, with Meridian operating as “Meridian Medical Technologies, a Kindeva Company”.

The new Kindeva will have a broader range of drug delivery capabilities, with expertise and technology spanning the parenteral, inhalation, transdermal, and intradermal routes of administration. Milton Boyer, formerly the CEO of Meridian, has been named CEO of the newly combined company.

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 is a leading manufacturer of emergency autoinjectors, having pioneered the emergency auto-injector technology in the 1950s. Meridian owns over 300 patents related to autoinjector drug-device combination products.

ArentFox Schiff LLP and Kirkland & Ellis LLP acted as legal counsel. JPMorgan Chase Bank, N.A., Truist Securities, Inc. and KeyBanc Capital Markets Inc. acted as joint lead arrangers for the transaction.

About Altaris:

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 approximately $5 billion of equity capital. For more information, please visit www.altariscap.com.

About Kindeva:

Kindeva is a global contract development manufacturing organization focused on drug-device combination products. Kindeva develops and manufactures products across a broad range of complex drug-delivery formats, including autoinjectors, inhalers, transdermal patches, and microneedles. Its service offering spans early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing and drug-device product assembly. Kindeva serves a global client base from its nine manufacturing and research and development facilities located in the U.S. and U.K. For more information, please visit www.kindevadd.com