Eurand, the oral drug delivery company, announced that it has acquired Milan-based Pharmatec SpA, an oral drug delivery company from Aspen Healthcare Group. Under the terms of the agreement, Pharmatec was acquired for approximately $13.5 million.

The Pharmatec acquisition provides Eurand with additional manufacturing and research and development facilities in Milan, as well as revenues from sales and additional partnerships. Eurand will also have an additional human resource base of almost 100 employees. These new personnel will enable Eurand to draw from a total talent base of almost 450 employees including about 65 experienced scientists and advanced degree holders.

``The acquisition of Pharmatec exemplifies our commitment to expanding our technology platform and enhancing our manufacturing and research capabilities,'' commented Gearoid M. Faherty, CEO of Eurand. ``This acquisition has also provided Eurand with additional products that complement and enhance our current customized release product portfolio.''

Eurand is an independent, multinational, oral drug delivery company dedicated to providing the pharmaceutical industry with solutions to the most challenging drug delivery problems.