Kindeva Drug Delivery recently announced that it launched as an independent company, shedding its former 3M Drug Delivery Systems name.

The formation of the independent company follows its acquisition by Altaris Capital Partners in a transaction that was worth $650 million. Through the acquisition, 3M will hold a 17% minority interest in Kindeva with Altaris.

Kindeva is a contract development and manufacturing company for the pharmaceutical industry. It has developed and manufactured therapies to treat debilitating and chronic diseases, according to the company. It microneedle-based drug delivery platforms are being used in a number of development programs that include osteoporosis, immunotherapies, COVID-19 vaccines and other difficult to deliver therapies.

“Kindeva brings deep expertise to the unique challenges of developing combination products and complex drugs, including those that are playing an important role in the fight against COVID-19,” CEO Aaron Mann said in a news release. “Over the years, 3M has built a differentiated platform of drug delivery technologies and I look forward to the opportunities ahead for Kindeva as an independent company in partnership with Altaris. We will be executing an ambitious growth plan that involves significant capital investment and the addition of new hobs across our operating regions. This is an exciting time for Kindeva and our talented colleagues.”

Kindeva currently operates its cGMP manufacturing out of several locations in Loughborough, U.K.; Clitheroe, U.K.; Northridge, Calif.; and St. Paul, Minn. It has research and development labs in Loughborough, U.K. and St. Paul, Minn.

“We are excited to be partnering with 3M and the Kindeva team in this transaction,” Altaris managing director George Aitken-Davies said. “We believe Kindeva is well-positioned to build on its successful track record as a leading provider of drug delivery technologies.”