Adesis is a critical technology vendor to companies in the pharmaceutical, fine chemical, biomaterials, and catalyst industries, and has worked with Universal Display over the last few years
Universal Display Corp. has announced that it has entered into an agreement to acquire Adesis, Inc. Adesis is a privately held contract research organisation (CRO) with 43 employees specialising in organic and organometallic synthetic research, development, and commercialisation.
Universal Display said Adesis is a critical technology vendor to companies in the pharmaceutical, fine chemical, biomaterials, and catalyst industries, and has worked with us over the last few years to help advance and accelerate a number of Universal Display's product offerings.
Under the terms of the agreement, Universal Display will acquire all outstanding shares of Adesis, Inc. in a merger for approximately US$36 million in cash. The transaction is expected to close in the third quarter of 2016, subject to customary closing conditions. Following the closing, Adesis will operate as a wholly-owned subsidiary of Universal Display Corporation. Andrew Cottone will continue as the President of Adesis, and Steve Abramson will become the Chairman of the Board of Adesis.
Steven V. Abramson, President and Chief Executive Officer of Universal Display, said, "This acquisition is part of our strategic growth plan. We believe that it will provide additional highly-skilled resources to further advance our initiatives for the development and delivery of next-generation proprietary emissive material systems in the rapidly evolving OLED industry." Steven added, "Moreover, we expect it to enable us to leverage our twenty-plus years of experience in developing and commercializing cutting-edge chemistry technologies to help expand Adesis' businesses across its end-markets including pharma, biotech and catalysis. We are delighted to welcome Dr. Andrew Cottone, President of Adesis, Dr. Ving Lee, Chief Scientific Officer, and the vastly experienced Adesis team to UDC."
Andrew Cottone, President of Adesis, Inc, said, "We are very excited to become part of UDC and build additional synergies between both companies, and further enhance the growth of UDC’s OLED leadership." Andrew added, "In addition, we anticipate that Adesis will benefit from UDC's financial and business acumen to better support our clients with world-class technology and expertise, and reinforce our positioning for continued growth as a specialty chemical CRO."
About Universal Display Corp
Universal Display Corporation (Nasdaq: OLED) is a leader in developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, Universal Display currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 3,600 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and white lighting. Universal Display also develops and offers high-quality, state-of-the-art UniversalPHOLED® materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Based in Ewing, New Jersey, with international offices in Ireland, South Korea, Hong Kong, Japan and Taiwan, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. It has also established relationships with companies such as AU Optronics Corporation, BOE Technology, DuPont Displays, Inc., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC, OSRAM, Pioneer Corporation, Samsung Display Co., Ltd., Sumitomo Chemical Company, Ltd. and Tohoku Pioneer Corporation.
Source: Universal Display Corp
Headquartered in New Castle, DE, Adesis, Inc. is a contract research organization (CRO) supporting the OLED, pharma, biotech, catalysis and a number of other industries. The CRO specializes in organic and organometallic synthesis, in milligrams to multi-kilogram quantities.
Adesis has a business model of providing clients with organic chemistry services in three areas: early stage research, scale up and development, and specialty manufacturing. With over 20 years of success and currently over 40 chemists with extensive industry and professional experience, Adesis supports companies in various industries with small molecule organic chemistry expertise. Adesis provides a range of services that can supplement research and development efforts. It can also act as a specialty manufacturer to reinforce supply chains.