Croda strengthens position in life sciences with acquisition of US firm Avanti

Yorkshire-based Croda has strengthened its  position in the life sciences sector with the acquisition of Avanti Polar Lipids.
The acquisition was announced to the stock exchange.The acquisition was announced to the stock exchange.
The acquisition was announced to the stock exchange.

Croda has acquired Avanti for an initial consideration of $185m on a debt and cash-free basis.

There is also an additional earnout of up to $75m based on commercial opportunities using Avanti’s lipid-based solutions. Avanti operates globally from a site in Alabama in the US.

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Avanti creates and makes high-purity polar lipids which are used as delivery systems for therapeutic drugs and in mRNA vaccines.

Steve Foots, the chief executive officer of Croda, said: “We have long admired the Avanti team for their deep scientific know-how and are already working together on high-potential commercial opportunities.

"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.

"Bringing Avanti’s best-in-class expertise into Croda also significantly enhances our presence across the pharma product lifecycle, including early stage R&D, clinical trials, analysis and formulation. I am confident that Avanti will prove transformative to the capabilities and performance of our Life Sciences sector.”

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Walter Shaw, chief executive officer of Avanti, said: “Together with Croda, we are delighted to have found the right home for Avanti, which has been a lifetime’s work for my wife, myself and many of the team.

"This transaction comes at an exciting moment in the development and proven need for our proprietary lipid systems, and Croda’s skills and Avanti’s capabilities are a powerful match. I am convinced that Croda, with its focus on innovation, is the best place for Avanti to realise its global potential.”

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