COSCIENS acquires oral thin-film maker Nualtis for $15M
What's the deal? COSCIENS BiopharmaDealroom has a profile for this one. Try Dealroom → (TSX: CSCI) has acquired Nualtis Corp.Dealroom has a profile for this one. Try Dealroom →, a Montreal-based specialty pharmaceutical technology business, for a cash price of $15 million. Nualtis — formerly IntelGenX Corp.Dealroom has a profile for this one. Try Dealroom → — develops proprietary oral thin-film (OTF) drug delivery technologies for human and animal health.
The terms: COSCIENS bought Nualtis from AtaiBeckley Inc.Dealroom has a profile for this one. Try Dealroom → It paid $9 million at closing, with the remaining $6 million due within six months, plus up to four earn-out payments equal to 10% of Nualtis' adjusted EBITDA for financial years 2027 through 2030.
What's the endgame? The deal gives COSCIENS direct exposure to the global OTF market through Nualtis' FDA- and Health Canada-inspected manufacturing facility, 21 foundational patents, and partnerships with established drugmakers. Nualtis spans a product pipeline across human and animal health, earning revenue from R&D services, manufacturing, milestone payments, and royalties.
Why now? COSCIENS chief executive officer Peter Puccetti said the company first restructured to reach financial self-sufficiency, then turned to growth. "More recently, we shifted our focus to actively exploring opportunities for growth and scale," he said. "We believe this transaction represents exactly that."
By the numbers: COSCIENS said its Ceapro business contributed over $422,000 of income from operations in the second quarter and expects it to keep adding to earnings. The company described Nualtis as cash-flow-positive and poised to shift from mostly R&D revenue to commercial-scale manufacturing.
Nualtis, founded in 2003, is led by chief executive officer Michael Raven, who has run the business since 2024. "COSCIENS' ownership will provide Nualtis with a platform from which to continue what it has started," he said.
The signal: The acquisition marks COSCIENS' pivot from cost-cutting to expansion, betting that a specialised drug delivery platform can turn diversified pharmaceutical partnerships into recurring manufacturing revenue.
Image credit: Generated with Gemini
