Kindeva Drug Delivery (Kindeva) and Meridian Medical Technologies (“Meridian”) have announced the completion of the transaction to combine the two companies.
The combination has created a leading global contract development and manufacturing organisation (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 and Kirkland & Ellis acted as legal counsel. JPMorgan Chase Bank, N.A., Truist Securities and KeyBanc Capital Markets acted as joint lead arrangers for the transaction.