3M announced that it has completed the sale of “substantially all” of 3M Drug Delivery Systems to Altaris Capital Partners, and the new company is now known as Kindeva Drug Delivery. The initial announcement of the sale was made in December 2019.
Kindeva issued a separate press release announcing its launch as “a leading global contract development and manufacturing organization (CDMO) that specializes in solving complex drug delivery challenges for its pharmaceutical and biotechnology customers.” About 900 former 3M DDS employees are now employed by Kindeva.
According to Kindeva’s announcement, the company’s name, which is to be pronounced “Kin-dev-uh,” is derived from the words “kinetic” and “development.”
The new company will be led by CEO Aaron Mann, who was President and General Manager of 3M DDS. Mann said, “Kindeva brings deep expertise to the unique challenges of developing combination products and complex drugs, including those that are playing an important role in the fight against COVID-19. Over the years, 3M has built a differentiated platform of drug delivery technologies and I look forward to the opportunities ahead for Kindeva as an independent company in partnership with Altaris. We will be executing an ambitious growth plan that involves significant capital investment and the addition of new jobs across our operating regions. This is an exciting time for Kindeva and our talented colleagues.”
Read the 3M press release.
