Financial terms of the deal were undisclosed.
The move is set to enhance Kindeva’s drug-delivery capabilities by adding a new platform to its portfolio.
Kindeva CEO Milton Boyer said: “Nasal drug delivery is becoming a preferred dosage format for a growing number of indications, as it allows users to non-invasively administer medications in an acute or emergency setting.
“Summit brings a differentiated understanding of how to effectively formulate drugs for nasal delivery and the capability to manufacture them at commercial scale. This addition not only fits Kindeva’s ambition to be a global leader in the drug-device combination products CDMO market, but also expands the toolbox we can offer our customers to help improve patient outcomes and experience of care globally.”
The acquisition brings Summit’s 55,000ft2 cGMP facility in Lexington, Kentucky in the US, into Kindeva’s global manufacturing network.
Approved by both the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA), the facility encompasses specialised laboratories and integrated manufacturing operations.
Summit departing chairman and CEO Richard D Cohen said: “Joining Kindeva strengthens our ability to deliver best-in-class nasal product development and manufacturing. Under Kindeva’s leadership, our dedicated and talented workforce will further drive our founder’s vision of increasing the availability of nasal drug-delivery options.”
Legal counsel for the acquisition was provided by Kirkland & Ellis for Kindeva, while Frost Brown Todd acted as legal counsel and Bourne Partners served as the exclusive financial advisor to Summit.