Kindeva and Meridian Combine: Create Leading Drug-Device Combination Product CDMO

Rhea-AI Summary

Kindeva Drug Delivery and Meridian Medical Technologies have successfully merged, forming a leading global contract development and manufacturing organization (CDMO) focused on drug-device combination products. The newly combined entity, Kindeva, will leverage enhanced capabilities across various drug delivery methods, including inhalation and transdermal solutions. Milton Boyer, former CEO of Meridian, now leads Kindeva. This merger consolidates Kindeva's existing strength as a leader in drug-device solutions, having a rich history of innovation since the 1950s.

Positive

• Formation of a leading global CDMO by merging Kindeva and Meridian.
• Enhanced capabilities in drug delivery methods, broadening service offerings.

Negative

• None.

Complementary technology platforms in drug delivery market

ST. PAUL, Minn. & ST. LOUIS--(BUSINESS WIRE)-- Kindeva Drug Delivery (“Kindeva”) and Meridian Medical Technologies (“Meridian”) announced today the completion of the transaction to combine the two companies. 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. “The combination of Kindeva and Meridian creates a clear market leader in the drug-device CDMO sector. Customers will benefit from our enhanced scale and broader array of drug delivery solutions,” Boyer said.

Kindeva, formerly known as 3M Drug Delivery Systems, was acquired by Altaris, LLC (collectively with its affiliates, “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 autoinjector 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 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 https://www.kindevadd.com.

About Altaris, LLC

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221212005670/en/

Lindsey Langemeier

SCORR Marketing

402-405-4269

lindsey@scorrmarketing.com

Source: Meridian Medical Technologies

FAQ

What companies are involved in the merger announced in December 2021?

The merger involves Kindeva Drug Delivery and Meridian Medical Technologies.

What is the new name of the combined entity from the merger?

The combined entity will operate under the name Kindeva.

Who is the CEO of the newly formed Kindeva?

Milton Boyer has been appointed as CEO of Kindeva.

What are Kindeva's main areas of expertise after the merger?

Kindeva specializes in drug-device combination products, including inhalation and transdermal delivery.

When did Altaris acquire Kindeva from 3M?

Altaris acquired Kindeva from 3M in 2020.

What significant technology does Meridian bring to Kindeva?

Meridian is known for its pioneering work in emergency autoinjector technology.

What is the stock symbol for Kindeva after the merger?

Kindeva operates under the acquired name; stock symbol details are not provided.

Which company acquired Meridian from Pfizer?

Altaris acquired Meridian from Pfizer in December 2021.

What is the focus of Kindeva's development efforts?

Kindeva focuses on drug-device combination products and a range of drug delivery formats.

How does the merger benefit customers of Kindeva?

Customers will benefit from an enhanced scale and a broader array of drug delivery solutions.