Woodbury-based Kindeva Drug Delivery and St. Louis-based Meridian Medical Technologies — both owned by the same private-equity firm — are merging.
The deal was announced Monday. Meridian's chief executive Milton Boyer will lead the new company. Kindeva did not provide details on where the combined business will be headquartered or when the deal will close.
Kindeva is a 3M spinoff acquired in 2020 for $650 million by New York-based Altaris Capital Partners. Maplewood-based 3M retained a 17% stake in the spinoff company, which moved into a new 136,000-square-foot building 7 miles east. Kindeva's services include product development and manufacturing for pharmaceutical customers.
Meridian — which Altaris acquired late last year from Pfizer Inc. — develops and manufactures drugs administered with its proprietary auto-injector technology.
"The integrated, complementary offerings of Kindeva and Meridian create a [contract development and manufacturing organization] with a broad portfolio of capabilities and proprietary technology platforms across multiple drug delivery formats," Boyer said in a statement.
Altaris, which focuses on medical and health care investments, also owns St. Paul-based Minnetronix Medical and Arden Hills-based Intricon Corp., which it acquired earlier this year for $241 million.
Kindeva acquired San Francisco-based iPharma Labs in June. At the time, Kindeva said it had more than 1,000 employees and four manufacturing facilities — in Minnesota, Northridge, Calif., and two in the U.K.
