The private private shareholders of Vornia Limited have sold the company to Ashland Global Holdings Inc. (NYSE: ASH) (Ashland) for US$12 million.
Vornia is a growing player in the US$700 million bioresorbable polymer market, producing microscale polylactic-co-glycolic acid (PLGA) copolymers formulated in a host of injectable excipients used for the treatment of cancer, diabetes and a wide range of autoimmune diseases. Controlled-release drugs can significantly reduce the frequency of injections required for medical treatment, as the active pharmaceutical ingredient (API) is released over a longer period. Vornia has developed a novel, solvent-free process that results in higher purity products while eliminating API degradation and toxicity. Bioresorbable polymers can be eliminated in a safe and precise manner from the body.
Ashland is a premier global specialty chemicals company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical. Ashland has approximately 6,500 professionals, from renowned scientists and research chemists to talented engineers and plant operators who thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries.
Oaklins' team in Ireland acted as lead advisor to the seller in this transaction. The team negotiated all key commercial terms of the transaction and coordinated the legal advisors during the process.
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