US-based material technology firm Colorcon has agreed to acquire Airnov Healthcare Packaging for an undisclosed sum.

A portfolio company of private equity firm Arsenal Capital Partners, Airnov supplies high-quality, controlled atmosphere packaging to critical healthcare industries.

The company’s products include customisable drop-in products such as canisters and packets, as well as integrated desiccant systems and custom-designed plastic bottles containing oxygen barrier materials.

Airnov operates manufacturing facilities in the US, France, China and India, employing around 700 people in total.

The acquisition is in line with Colorcon’s strategy to provide convenience, compliance and safety while improving health and wellness.

It is expected to close in the first quarter of this year if approved by the French Works Council and other relevant regulatory bodies.

Colorcon CEO Simon Tasker said: “The acquisition presents a good match for our companies as a key strength of Colorcon is the breadth of customer relationships across the pharmaceutical industry, including contacts at all levels in R&D, supply chain and procurement.

“This contemplated acquisition reflects Colorcon’s goal to invest in innovative solutions that help our customers increase speed to market while leveraging our scale and infrastructure to deliver dependability and consistency for the supply of health and wellness products around the world.”

Airnov president and managing director Matthias Brommer said: “Colorcon’s ownership would bring improved geographic coverage and provide our customers added value through their pharma focus and complementary product portfolio.

“Colorcon understands the impact of speed to market in the competitive, fast-paced pharmaceutical industry and would help us to support our customers in the production of highly effective products in reduced time frames.”

Based in Pennsylvania, Colorcon manufactures speciality ingredients, formulated film coating systems, modified release technologies and functional excipients for various sectors.

The company operates 11 manufacturing facilities and 25 technical service laboratories, employing more than 1,400 colleagues.