AptarGroup Inc. (Crystal Lake, IL) has acquired a minority interest in Oval Medical Technologies Ltd. and secured a license regarding some of Oval Medical Technologies' intellectual property. On Nov. 14, AptarGroup acquired a 20% interest in Oval Medial Technologies Ltd. for approximately $3.2 million. Oval Medical, based in Cambridge, U.K., has a broad expertise in the design and development of injectable drug delivery devices.
|Oval Medical's Autoinjector system.|
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.
Apatar Pharma specializes 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.
In October, AptarGroup acquired TKH Plastics Private Limited, an Indian supplier of injection molded dispensing closures, for approximately $17 million in cash and $1 million in assumed debt. Opened in 2000, TKH serves the local Indian personal care, food, and beverage markets and has been a licensee of AptarGroup's dispensing closure products since 2006. TKH had annual revenues of approximately $8 million in the most recent fiscal year.
In addition, AptarGroup's new pharmaceutical device facility in Mumbai is nearing completion. Expected to be fully operational at the beginning of 2012, the facility will provide clean-room capacity to serve AptarGroup's customers in the region.