Swedish bio-technology company I-Tech AB has today announced the strategic acquisition of manufacturing process technology and IP, for the production of medetomidine, from Cambrex Corporation (NYSE: CBM). The transaction consolidates the supply chain and improves I-Tech’s industrial capabilities. I-Tech AB has registered and patented medetomidine as a marine antifouling agent and is offering the active substance under the registered trademark Selektope® to the global marine coating industry
Selektope® is an organic, non-metal compound with unique marine antifouling application. Its bio-repellent mode of action inhibits barnacle settlement on ships’ hulls by stimulating the barnacle larvae’s swimming behavior with reversible effect. It is characterized by high efficacy at extremely low concentrations in a marine coating (0.1% w/w), ultra-low leaching, and flexibility to boost copper-based paint formulations or replace copper completely. The product is used in a number of antifouling products offered by different paint manufacturers in the marine market.
I-Tech AB is a Gothenburg-based, privately held company that holds all IP and regulatory rights to the antifouling agent Selektope®. I-Tech’s mission is to bring new dimensions to the global antifouling industry by taking a bio-technology approach to biofouling control.
Cambrex Corporation is a life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics. The Company offers Active Pharmaceutical Ingredients (APIs), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals.
The acquisition has been facilitated by the issuing of new shares, with Cambrex becoming a major shareholder in I-Tech AB. Cambrex will take a position on the board of directors. The move strengthens the continued development of the supply chain for Selektope on a global scale. It supports I-Tech’s plans to secure superior production capacity and to ensure commercially competitive prices for its customers and deliver high volume demands for Selektope.
Philip Chaabane, I-Tech CEO, comments: “This deal with Cambrex consolidates the supply chain for Selektope and brings important assets to I-Tech for continued development and improvement of processes and of the supply chain structure itself. We now have a unique competitive situation to fuel future growth. On the strategic side, I’m delighted to have the continued support from Cambrex on the board, and as an owner to build up our industrial platform moving forward”.
The agreement is subject to conditions and is expected to close in the nearest future.