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Atrium Acquires AquaCap for $21.5 million

24 Jan 2007 - Atrium Biotechnologies Inc. announced that it acquired, effective January 19, 2007, Philadelphia area-based AquaCap Pharmaceutical, Inc. ("AquaCap"), developer and manufacturer of liquid filled capsules within the nutritional supplement industry in the United States. This novel technology shall allow Atrium to continue to offer its customers quality and innovative products. AquaCap has 60 employees. Under the agreement, Atrium will acquire AquaCap for the total amount of $21.5 million, representing approximately 6 times the adjusted EBITDA generated by AquaCap.
 
Originally developed for the pharmaceutical industry, the liquid delivery technology allows for the liquid filling of hard two-piece capsules with oils, vitamins, minerals, amino acids and herbal extracts. This encapsulation process of liquids provides for a better absorption, stability and bioavailability of the nutrients while avoiding the use of excipients often required in the manufacturing of dry capsules or tablets products. Moreover, not only can gelatin capsules be manufactured using this technology but also this technology can be used to manufacture the more natural vegetable-based capsules for which there is a growing demand. Liquid capsules permit minimal runs allowing for more flexibility in manufacturing and better inventory management.