US – Pharmaceutical film coatings firm Colorcon has inked a put agreement to purchase French Airnov Healthcare Packaging from private equity firm Arsenal Capital Partners.
The transaction, which is subject to French Works Council review and subject to necessary regulatory approvals, could close during the first quarter of 2023.
Airnov offers critical healthcare industries controlled atmosphere packaging solutions to protect their products from oxygen and moisture.
The packaging solutions include specialized plastic bottles with oxygen barrier materials as well as customizable, high-quality drop-in products like canisters and packets.
The business has manufacturing facilities in the USA, France, China and India and employs around 700 people.
The acquisition aligns well with Colorcon’s portfolio and its purpose to improve health and wellness through convenience, compliance and safety.
Simon Tasker, CEO of Colorcon notes: “The acquisition presents a good match for our companies as a key strength of Colorcon is the breadth of customer relationships across the pharmaceutical industry, including contacts at all levels in R&D, supply chain, and procurement.
“The addition of Airnov would be complementary to Colorcon’s portfolio and provide synergies in terms of technical, customer and regulatory support to accelerate our customers’ product development and commercialization.”
Tasker added: “This contemplated acquisition reflects Colorcon’s goal to invest in innovative solutions that help our customers increase speed to market while leveraging our scale and infrastructure to deliver dependability and consistency for the supply of health and wellness products around the world.”
Matthias Brommer, President and Managing Director, Airnov added: “Colorcon’s ownership would bring improved geographic coverage and provide our customers added value through their pharma focus and complementary product portfolio.
“Colorcon understands the impact of speed to market in the competitive, fast-paced pharmaceutical industry and would help us to support our customers in the production of highly effective products in reduced time frames.”
For over 60 years Colorcon has consistently delivered superior products and support services to the pharmaceutical, nutritional, and animal health industries across the world.
The company operates 11 manufacturing facilities and 25 technical service laboratories, employing more than 1,400 colleagues.
Meanwhile, in April last year, Colorcon added mineral-free formulations to its label-friendly Nutrafinish Film Coatings for the nutritional and dietary supplements market.
The addition is formulated without TiO2, talc, or calcium carbonate to deliver a high level of opacity to cover unsightly or dark tablet cores.
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