I-Tech AB, which developed the unique antifouling ingredient, Selektope, has announced the acquisition of manufacturing process technology and IP for the production of medetomidine from Cambrex Corporation.
The Swedish biotechnology company will offer the active substance under the registered trademark of Selektope to the marine coating industry.
Philip Chaabane, I-Tech CEO, says: “This deal with Cambrex consolidates the supply chain for Selektope and brings important assets to I-Tech for continued development and improvement of processes and of the supply chain structure itself. We now have a unique competitive situation to fuel future growth. On the strategic side, I’m delighted to have the continued support from Cambrex on the board, and as an owner to build up our industrial platform moving forward.
The acquisition has been facilitated by the issuing of new shares, with Cambrex becoming a major shareholder in I-Tech. The agreement is subject to conditions and is expected to close in the nearest future when Cambrex will take a position on the board of directors.
Selektope is an organic, non-metal compound that prevents the settling of barnacles on ships’ hulls and other surfaces. It works by temporarily stimulating the barnacle larvae’s swimming behaviour. According to I-Tech, Selektope has a high efficacy at very low concentrations, 0.1% w/w, ultra-low leaching and flexibility to boost copper-based paint formulations or replace copper completely.
Selektope is used in a number of antifouling products offered by different paint manufacturers in the marine market.