Croda: Avanti Polar Lipids acquisition
Croda International has acquired Avanti Polar Lipids, a company that specializes in lipid-based drug delivery technologies for next-generation pharmaceuticals. The company was acquired for an initial consideration of $185m on a debt and cash-free basis, with an additional earnout of up to $75m based on near-term commercial opportunities using Avanti’s lipid-based solutions.
Founded in 1967, Avanti is a global company based in Alabama, with 150 employees and approximately 125 product launches annually. Its high-purity polar lipids are used as delivery systems for complex therapeutic drugs and in next-generation mRNA vaccines.
Croda CEO Steve Foots said, “With their exciting drug delivery technologies, Avanti is a market leader in a high growth niche of the health care market, serving over 3,000 customers globally…I am confident that Avanti will prove transformative to the capabilities and performance of our Life Sciences sector.”