Kindeva Drug Delivery Acquires Summit Biosciences
Kindeva Drug Delivery have announced that it has acquired Summit Biosciences Inc., an intranasal drug-delivery contract development and manufacturing organisation (CDMO), from its founding family shareholders. Established in 2009, Summit has an extensive track record of innovation in the unit dose nasal spray market. The acquisition of Summit enhances Kindeva’s existing drug-delivery capabilities by adding a new drug-delivery platform, further expanding Kindeva’s ability to serve biopharma customers across a wider range of complex drug-device combination products (pulmonary, injectable, transdermal, and nasal).
“Nasal drug delivery is becoming a preferred dosage format for a growing number of indications, as it allows users to non-invasively administer medications in an acute or emergency setting,” said Kindeva CEO Milton Boyer. “Summit brings a differentiated understanding of how to effectively formulate drugs for nasal delivery and the capability to manufacture them at commercial scale. This addition not only fits Kindeva’s ambition to be a global leader in the drug-device combination products CDMO market, but also expands the toolbox we can offer our customers to help improve patient outcomes and experience of care globally.”
Departing Summit Chairman and CEO Richard D. Cohen added, “Joining Kindeva strengthens our ability to deliver best-in-class nasal product development and manufacturing. Under Kindeva’s leadership, our dedicated and talented workforce will further drive our founder’s vision of increasing the availability of nasal drug-delivery options.”
Summit’s 55,000-square-foot cGMP facility in Lexington (Kentucky) adds to Kindeva’s global manufacturing footprint of nine development and manufacturing facilities across the U.S. and U.K. The facility is approved by the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) and features specialised laboratories and integrated manufacturing operations with a long track record in bringing intranasal medicines to market.
Kirkland & Ellis acted as legal counsel to Kindeva. Frost Brown Todd acted as legal counsel, and Bourne Partners served as the exclusive financial advisor, to Summit.