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| Tuesday, 8 September 2015, 22:05 HKT/SGT | |
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Source: Lubrizol | |
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| Broadens company's LifeSciences application, pharmaceutical formulation and drug delivery capabilities |
CLEVELAND, Ohio, Sept 8, 2015 - (ACN Newswire) - The Lubrizol Corporation announces that it has acquired Particle Sciences, a leading contract drug development and manufacturing organization with a comprehensive suite of services for the formulation, analysis and production of complex drug delivery solutions. Headquartered in Bethlehem, PA, Particle Sciences is a global leader in complex formulations including drug eluting device product development as well as sterile and particulate drug products. This acquisition further expands Lubrizol LifeSciences' pharmaceutical development capabilities, providing full service drug delivery solutions to the market across a variety of dosage forms.
"With the addition of Particle Sciences and the recent acquisition of Vesta, we are now able to offer customers a complete solution that is one of the most comprehensive in the industry," stated Deb Langer, vice president and general manager, Lubrizol LifeSciences. "Additionally, the Particle Sciences acquisition allows us to leverage our core polymer chemistry into tailored solutions for novel implantable and dermal drug delivery systems for improved patient outcomes."
Lubrizol LifeSciences has significantly expanded its capabilities through new products, state-of-the-art facilities, acquisitions and alliances. The combination of Lubrizol's polymer expertise, Vesta's quality medical manufacturing and Particle Sciences' leadership in drug formulation development, allows LifeSciences to provide end-to-end solutions for success in the drug delivery market. With this unique combination, Lubrizol LifeSciences delivers comprehensive medical and pharmaceutical solutions, including to the growing combination product market.
"Particle Sciences and Lubrizol LifeSciences have worked together for several years providing various elements of an end-to-end solution from polymer supply through formulation and commercial manufacturing," said Mark Mitchnick, chief executive officer, Particle Sciences. "With this transaction, Lubrizol LifeSciences acquires Particle Sciences' extensive formulation, analytic and production assets for drug eluting devices, particulate, sterile and other complex drug products established over the last 10 years. We expect that coordinating all of this under one company will greatly benefit our customers."
Particle Sciences will now be part of Lubrizol Advanced Materials but will retain its company name. Financial terms of the transaction were not disclosed.
About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven global company that combines complex, specialty chemicals to optimize the quality, performance and value of customers' products while reducing their environmental impact. It produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, driveline and other transportation-related fluids, industrial lubricants, as well as additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for home care and personal care products and pharmaceuticals, and specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Our products for the oilfield market include technologies for exploration, production and transportation.
With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 9,000 employees worldwide. Revenues for 2014 were $7 billion. For more information, visit Lubrizol.com.
Media Contact
Julie S. Young
+1-440-347-4432
Website: www.lubrizol.com
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Lubrizol via Globenewswire
Topic: Merger & Acquisition
Source: Lubrizol
https://www.acnnewswire.com
From the Asia Corporate News Network
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