Alabaster-based bioscience firm Avanti Polar Lipids Inc. has agreed to be acquired by global scientific firm, Croda International Plc.
Founded in 1967 by Dr. Walter and Rowena Shaw, Avanti has developed an expertise in lipid-based drug delivery solutions. It develops and produces high-purity lipids, which are useful for delivery of complex therapeutic drugs and next-generation mRNA vaccines.
It employs 150 people, including a team of 100 scientists.
Croda, which was founded in the UK in 1925, specializes in drug delivery systems, vaccine adjuvants and immunotherapy.
Avanti will maintain its name and leadership team, functioning within Croda’s Life Sciences sector.
“We are delighted to join Croda, which shares a common vision of innovation to deliver products and services to solve pressing healthcare needs around the world,” said Avanti CEO Walter Shaw. “Avanti has been my life’s work, I am extremely proud of what the Avanti family has accomplished to date and I could not think of a better partner to continue to support our customers and talented employees in their pursuit of solving complex drug delivery challenges in the future.”
Croda CEO Steve Foots added, “”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.
BlackArch Partners served as exclusive financial advisor to Avanti. Maynard Cooper & Gale served as legal advisor to Avanti.