The deal will strengthen Adare’s business, it said, which focuses on the development and manufacturing of products for the global pharmaceutical, animal health and over-the-counter markets.
“Orbis’s customized technologies are an excellent complement to our contract development and manufacturing organization business which is currently focused on oral dosage forms for pharmaceutical and OTC medicines,” John Fraher, CEO of Adare, said. “In particular, their platforms create drug particles that can be dosed in oral liquid, injectable, and otic dosage forms. These will broaden our product development offerings and ultimately, advance the growth of our CDMO business, further strengthening our leadership in taste-masking and controlled-release technologies.”
Under the deal, Orbis will maintain its operations in Lenexa.
Integration the two companies will begin immediately.
“The acquisition by Adare will globalize the reach of our technologies and services,” Maria Flynn, president and CEO of Orbis Biosciences, said. “Orbis’s focus on precision delivery solutions has enabled us to develop expertise in novel extended-release and pulsatile-release formulations and to collaborate with great partners. We are pleased to join Adare, an industry leader in drug formulation development and manufacturing.”
Stifel acted as the exclusive financial advisor and Life Science Legal LLC and Gunderson Dettmer served as legal counsel to Orbis. Duane Morris LLP was the legal advisor for Adare.