- Date 17 Nov 2011
Oval Medical Technologies Ltd., (“Oval”) the pioneering autoinjector development company, today announced that they have successfully completed a £2 million investment from AptarGroup, Inc. (NYSE: ATR) (“Aptar”) . Additionally, Aptar has become Oval’s preferred manufacturing partner and entered into a license agreement to access Oval’s Intellectual Property. Oval will receive an undisclosed up-front payment for this licence in addition to the £2 million investment.
AptarGroup, who will hold a 20% interest in Oval following the investment, is recognised as the market leader in the development and manufacture of innovative drug delivery devices. With this partnership, Aptar Pharma, the segment of AptarGroup that serves the pharmaceutical and biotech industries, aims to enter a new category and broaden its product portfolio and customer reach.
Commenting on the partnership, Oval Chairman Peter Keen said, “Having spent the last year developing our technology and attracting commercial interest, this investment represents a landmark event in the development of Oval. Aptar Pharma’s recognized experience and global presence will enhance Oval’s credibility within the pharmaceutical market and we are delighted that they have become our preferred manufacturing partner. Oval will benefit from their experience and particularly as it moves forward and prepares for the scale up of its technology. The investment will provide Oval with financial resources to develop and commercialise its autoinjector technology more rapidly thereby ensuring that it remains a leader in the field.”
Through the licensing agreement, Aptar Pharma will gain access to Oval’s intellectual property within specific therapeutic areas to allow it to conduct its own research and development activities on Oval’s technology and combine them with its existing proprietary technologies and know-how. Oval will obtain rights to certain Aptar Pharma developments that are related to Oval’s intellectual property outside the specific therapeutic areas.