AdvanSource Biomaterials offers medical grade polymers for long and short term applications
Image: Mitsubishi Chemical has agreed to acquire assets of AdvanSource Biomaterials. Photo: courtesy of Akshay93 from Pixabay.
Mitsubishi Chemical America subsidiary Mitsubishi Chemical Performance Polymers (MCPP) has agreed to acquire all the assets of AdvanSource Biomaterials.
AdvanSource Biomaterials is a materials technology company, which provides medical grade polymers for long and short term applications.
As part of the asset purchase agreement, MCPP and its shareholder Mitsubishi Chemical will purchase all the assets of AdvanSource Biomaterials for $7.25m in cash.
AdvanSource Biomaterials CEO Michael Adams said: “We are confident that Mitsubishi Chemical Performance Polymers will expand the solutions and capabilities offered to AdvanSource’s customers while maintaining the service they have come to expect.”
AdvanSource specialises in the development of advanced polymer materials
AdvanSource has expertise in the development of advanced polymer materials, which deliver the required characteristics to design and develop medical devices.
The company’s biomaterials can be used in devices, which are designed to treat a range of anatomical sites and disease states.
AdvanSource’s product portfolio is comprised of products such as ChronoFlex, HydroMed, and HydroThane, which hold the capacity to address a range of design and functional challenges.
The company’s new product extensions are said to customise advanced polymers for specific customer applications in a range of device categories.
Subject to the satisfaction or waiver of customary closing conditions, the deal is expected to be completed in the first quarter of 2020.
AdvanSource will continue to manage the business in the ordinary course, upon completion of the business.
MCPP president Steve Gregory said: “The joining of AdvanSource and Mitsubishi Chemical Performance Polymers provides an excellent pathway for Mitsubishi Chemical Performance Polymers to accelerate its product development efforts and penetration into the speciality medical resins market segment.”
MCPP’s products and expertise can be used in a range of specialised commercial applications in the packaging, construction, wire and cable, consumer, medical, 3d printing and automotive industries.
Its product portfolio comprised of Tefabloc, Thermorun, Trexprene and Zelas thermoplastic elastomers, Modic functional polyolefins, Linklon cross-linked polyolefins and Olefista non-halogenated fire retardant polyolefins.
Earlier this month, Smurfit Kappa announced that it has combined its expertise with Mitsubishi HiTec Paper for the development of new recyclable food-safe packaging.