LONDON (dpa-AFX) - Croda International Plc (CRDA.L) has agreed to acquire Avanti Polar Lipids, Inc. for an initial consideration of $185 million on a debt and cash-free basis, with an additional earnout of up to $75 million based on near-term commercial opportunities using Avanti's lipid-based solutions. The acquisition is being financed by a three-year term loan, Croda said.
Avanti is a technology-rich business that operates globally from one site in Alabama in the United States of America. Avanti creates and makes high-purity polar lipids that are increasingly being used as delivery systems for complex therapeutic drugs and in next-generation mRNA vaccines.
On completion of the deal, Avanti will continue to operate under its existing brand, led by the current management team. It will become a part of Croda's Life Sciences sector.
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