- Specialty chemical manufacturer Croda International said it had agreed to acquire Avanti Polar Lipids for up to $260m.

Avanti developed lipid-based drug delivery technologies for next generation pharmaceuticals.

Croda had acquired it for an initial consideration of $185m, with an additional earnout of up to $75m based on near-term commercial opportunities.

Croda said Avanti made high-purity polar lipids that were increasingly being used as delivery systems for complex therapeutic drugs and in next-generation mRNA vaccines.

Avanti would continue to operate under its existing brand, led by its current management team.

'We have long admired the Avanti team for their deep scientific know-how and are already working together on high-potential commercial opportunities,' chief executive Steve Foots said.

'With their exciting drug delivery technologies, Avanti is a market leader in a high growth niche of the health care market, serving over 3,000 customers globally.'

'Bringing Avanti's best-in-class expertise into Croda also significantly enhances our presence across the pharma product lifecycle, including early stage R&D, clinical trials, analysis and formulation.'

At 2:58pm: [LON:CRDA] Croda International PLC share price was +100p at 5296p

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