Universal Display announces strategic acquisition of Adesis
The Universal Display Corporation (Ewing (NJ), USA), enabling energy-efficient displays and lighting with its UniversalPHOLED technology and materials, has announced that it has entered into an agreement to acquire Adesis, Inc., a privately held contract research organisation with 43 employees based in New Castle (DE), USA. It specialises in organic and organometallic synthetic research, development and commercialisation. 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 to help advance and accelerate a number of Universal Display’s product offerings.
“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,” said Steven V. Abramson, president and CEO of Universal Display. “Moreover, we expect it to enable us to leverage our twenty-plus years of experience in developing and commercialising 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.”
“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,” said Andrew Cottone, president of Adesis, Inc. “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.”
Under the terms of the agreement, Universal Display will acquire all outstanding shares of Adesis in a merger for approximately $36M 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.