Croda completes acquisition of Brenntag Biosector
Croda has completed the acquisition of Brenntag Biosector - a specialist in the manufacture and supply of adjuvants serving both the human and veterinary vaccine markets - from Brenntag Nordic, it announced on Monday.
The FTSE 100 firm had said on 17 December that a definitive agreement was signed with Brenntag Nordic to acquire Brenntag Biosector for total consideration of €72m in cash.
Biosector was founded in 1939, and operated from a GMP-certified adjuvants manufacturing facility in Frederikssund, Denmark.
Its product portfolio comprised “innovative” aluminium and saponin-based adjuvants, Croda explained, with aluminium-based adjuvants said to be extensively used in human and veterinary vaccines to increase their effectiveness.
They also provided a platform to introduce new, technically-advanced saponin-based adjuvants.
Croda said Biosector would be integrated into its health care business within the life sciences sector.
It would continue to be led by its dedicated team, all of whom had “extensive, class leading” credentials and pharmaceutical experience.
Croda would leverage its formulation and purification expertise to accelerate the development of Biosector's rich pipeline of next generation adjuvant systems, and would also utilise its dedicated global sales network to deliver Biosector's growth potential.
“Biosector is a rare asset, in a high value, fast growing sector of the global pharmaceutical market,” said Croda chief executive Steve Foots at the time of the initial announcement.
“With an experienced high-quality team, Biosector brings world-class protected technologies and industry-leading manufacturing facilities.”
Furthermore, Foots said a “strong cultural alignment” between Biosector and Croda would enhance the company’s highly technical-based sales approach and emphasis on value over volume.
“The opportunity to quickly build upon Biosector's impressive track record to date is enormously exciting and we look forward to welcoming the team to Croda.”