Buyout Desk
Strategic

Aptar Pharma acquires Pulmotree to expand inhaler portfolio

Munich-based Pulmotree, maker of the Kolibri non-propellant liquid inhaler platform, is being acquired by Aptar Pharma, part of AptarGroup.

Aptar Pharma, the drug delivery arm of AptarGroup, has announced the acquisition of Pulmotree, a Munich-based company that develops pulmonary drug delivery systems. The acquisition is expected to speed up the development, industrialization and commercialization of Pulmotree's Kolibri Non-Propellant Liquid Inhaler platform.

Aptar said the Kolibri platform uses a breath-triggered vibrating mesh system and can support complex molecules, including biologics. Aptar CEO Gael Touya said the deal expands its leadership in respiratory drug delivery. The companies had collaborated since a 2024 exclusive agreement, and Pulmotree's CEO Ulf Krüger said the partnership would continue under Aptar's resources.

Aptar plans to combine Kolibri with capabilities from its Nanopharm, Noble and Aptar Digital Health units, including formulation, human factors and connected health services. Aptar is headquartered in Crystal Lake, Illinois.

Deal facts

Target
Pulmotree
Business
Munich-based life science company that makes pulmonary drug delivery systems, including the Kolibri Non-Propellant Liquid Inhaler platform
Buyer
Aptar Pharma
Deal type
Strategic
Headquarters
Munich, Germany
Status
Announced, not yet closed
Announced
Monday, October 26, 2026

Sources

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