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.
"This transaction represents a significant opportunity for our Aptar Pharma business to enter a new category and broaden our product portfolio and customer reach," commented AptarGroup's President and CEO Peter Pfeiffer. "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 Pharma's recognized experience, industry leadership and global presence with Oval Medical's 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."