Particle Dynamics
Particle Dynamics, operating as Codis, is a global CDMO specializing in commercial-scale spray drying, amorphous solid dispersions, microencapsulation, and particle engineering for pharmaceutical, consumer health, OTC, and nutraceutical customers across US and UK facilities.
- Company typePrivate
- Founded2025
- HeadquartersSt Louis, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Particle Dynamics does
Particle Dynamics, now operating under the Codis brand, is a global contract development and manufacturing organization (CDMO) specializing in particle engineering for pharmaceutical, consumer health, OTC, and nutraceutical customers. Formed through the 2025 integration of US-based Particle Dynamics (founded 1990, headquartered in St Louis, Missouri) with EUROAPI's Haverhill, UK spray drying facility, Codis operates 400,000 square feet of GMP manufacturing across three sites — Haverhill (UK), St Louis (Missouri), and Seymour (Indiana) — employing 101–250 people.
The company's technology portfolio is built around commercial-scale spray drying (described as one of the largest GMP spray drying capacities globally), amorphous solid dispersions (ASD) for bioavailability enhancement of poorly soluble APIs, proprietary spinning disc microencapsulation for taste/odor masking and modified release, aqueous-based continuous granulation, organic and polymer chemistry, and data-science-driven analytical services using process analytical technology (PAT). Supporting proprietary products include Sevelamer API (where Codis positions itself as the world's leading supplier, producing hundreds of metric tons per year at the Haverhill site for more than two decades) and co-processed functional excipient brands Destab, Descote, MicroMask, and Polysaccharide Iron Complex. A 2026 capital investment in a GEA PSD4 solvent spray dryer is expanding commercial-scale ASD capacity.
Codis generates revenue through project-based CDMO contracts with pharmaceutical and nutraceutical companies worldwide, complemented by sales of proprietary excipients and Sevelamer API. Pricing is negotiated on a project-by-project basis and is not publicly disclosed. The go-to-market is primarily direct enterprise engagement, supplemented by industry event presence (e.g., Contract Pharma). The company was recapitalized with a $30.92M Series 2 funding round in September 2025 and is led by CEO Nicolas Fortin, Chairman Derek Hennecke, CCO Anish Parikh, and CFO Michael Kanan.
Particle Dynamics firmographics
Firmographics- Name
- Particle Dynamics
- Legal name
- Codis
- Website
- https://particledynamics.com
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Particle Dynamics, operating as Codis, is a global CDMO specializing in commercial-scale spray drying, amorphous solid dispersions, microencapsulation, and particle engineering for pharmaceutical, consumer health, OTC, and nutraceutical customers across US and UK facilities.
- Ownership category
- akta.pro rank
Particle Dynamics industry classification
Industry- Product category
- Pharmaceutical Contract Manufacturing
- NAICS
- Biological Product (except Diagnostic) Manufacturing (325414), Drugs and Druggists' Sundries Merchant Wholesalers (424210)
- SIC
- Pharmaceutical Preparations (2834), Medicinal Chemicals & Botanical Products (2833), Services-Commercial Physical & Biological Research (8731)
- akta.pro primary industry
- Clinical Trial Material (CTM) Manufacturing & Supply CDMO (HLAGABAK)
- akta.pro secondary industries
- Drug Substance–Drug Product Integrated CDMO (HLAGABAG), Sterile Fill-Finish & Aseptic Manufacturing CDMO (HLAGABAH), Radiopharmaceutical CDMO & Manufacturing (GMP Fill-Finish) (HLAIAGAF)
Keywords
Where Particle Dynamics is headquartered
LocationHeadquarters
- HQ city
- St Louis
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Particle Dynamics business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain, Marketing or Sales
Distribution channels1 record
Marketing channels1 record
Particle Dynamics product offering
Product offeringCore offering
Particle Dynamics (Codis) is a global CDMO providing commercial-scale spray drying, amorphous solid dispersions (ASD), microencapsulation, and continuous granulation services to pharmaceutical, consumer health, OTC, and nutraceutical companies. It also manufactures Sevelamer API (world's leading supplier) and proprietary functional excipient products (Destab, Descote, MicroMask, Polysaccharide Iron Complex) across cGMP facilities in the US and UK. The company supports clients from development through commercial launch with regulatory, analytical, and final dosage form capabilities.
Product overview
Codis is a global CDMO (Contract Development and Manufacturing Organization) formed through the integration of Particle Dynamics in the US and the Haverhill, UK spray drying facility previously operated by EUROAPI. The company offers a unified portfolio of particle engineering technologies and functional products. Core technologies include Spray Drying, Amorphous Solid Dispersions (ASD), Microencapsulation, Continuous Granulation, Organic & Polymer Chemistry, Analytical Services, Final Dosage Forms, Labeling & Secondary Packaging, and Regulatory Support. Supporting the technology portfolio are functional excipient products including Destab, Descote, MicroMask, and Polysaccharide Iron Complex, along with Sevelamer API. With 400,000 square feet of manufacturing space and a 30-year regulatory track record, Codis serves pharmaceutical, consumer health, OTC, and nutraceutical customers worldwide.
Differentiator
Problem solved
Functional benefit
Brands
- Destab: Functional co-processed product designed to improve manufacturing and produce patient-centric products
- Descote
- MicroMask
- Sevelamer API
Products and services
- Spray Drying Commercial-scale spray drying services for pharmaceutical, consumer health, OTC, and nutraceutical clients, available in both solvent-based (ASD) and aqueous-based (commercial) configurations.
- Amorphous Solid Dispersions (ASD) Solvent-based spray drying service for amorphous solid dispersions, targeting poorly soluble APIs in need of bioavailability enhancement.
- Commercial Spray Drying Aqueous-based spray drying service for commercial-scale pharmaceutical and consumer health product manufacturing.
- Microencapsulation Microencapsulation services used for taste-masking, controlled release, and stability in pharmaceutical and consumer health formulations.
- Continuous Granulation Continuous granulation services for pharmaceutical solid dosage forms, supporting commercial-scale production.
- Organic & Polymer Chemistry Organic and polymer chemistry services supporting pharmaceutical development, excipient design, and specialty chemistry projects.
- Analytical Services Analytical method development, validation, and testing services supporting pharmaceutical and consumer health product development and release.
- Final Dosage Forms Final dosage form manufacturing services for pharmaceutical and consumer health products, supporting commercial supply.
- Labeling & Secondary Packaging Labeling and secondary packaging services for finished pharmaceutical and consumer health products.
- Regulatory Support Regulatory affairs services supporting pharmaceutical and consumer health clients with filings, submissions, and compliance across US, UK, and global markets.
- Sevelamer API Commercial Sevelamer active pharmaceutical ingredient supplied to pharmaceutical companies; Particle Dynamics is the world's leading supplier.
- Destab Proprietary functional excipient product used in pharmaceutical and consumer health formulations for stability and processing benefits.
- Descote Proprietary functional excipient product used in pharmaceutical and consumer health formulations.
- MicroMask Proprietary functional excipient product used for microencapsulation and taste-masking in pharmaceutical and consumer health formulations.
- Polysaccharide Iron Complex Commercial Polysaccharide Iron Complex active pharmaceutical ingredient supplied for iron supplement and nutraceutical applications.
Companies that use Particle Dynamics
Customer profileSegments4 records
Ideal customer profiles2 records
Particle Dynamics technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Particle Dynamics partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights6 records
Particle Dynamics competitors and assessment
Company assessmentDirect peers
- EUROAPI: French API manufacturer that previously operated the Haverhill, UK spray drying facility acquired by Particle Dynamics in 2025. Direct comparable given the historical relationship and shared focus on small-molecule API and CDMO services.
- Cambrex: Mid-sized pharmaceutical CDMO specializing in small-molecule API and drug product development and manufacturing. Comparable to Codis in service offering and pharma customer focus, operating at similar mid-market scale.
- Particle Sciences (Lubrizol Life Science): CDMO within Lubrizol Life Science offering formulation development and contract manufacturing including microencapsulation and particle engineering. Directly comparable to Codis in microencapsulation technology and pharma CDMO service model.
- Aenova Group: European pharmaceutical CDMO providing solid dosage forms, semi-solids, and contract manufacturing services. Comparable to Codis in CDMO service offerings, with focus on solid oral dosage forms similar to Codis' final dosage form capabilities.
- Hovione: Specialist CDMO with deep expertise in spray drying, amorphous solid dispersions, and particle engineering for pharmaceutical customers. Highly comparable to Codis given overlapping ASD and spray drying capabilities and similar mid-sized CDMO positioning.
Broad incumbents
- Patheon (Thermo Fisher Scientific): Global pharma services business within Thermo Fisher offering drug substance, drug product, and clinical trial materials. Comparable to Codis across CDMO services but operates at significantly larger scale with broader scientific capabilities.
- Lonza: Global leader in pharmaceutical CDMO services across small molecules, biologics, and drug product manufacturing. Comparable to Codis in CDMO services but operates at vastly greater scale with broader end-to-end capabilities including API and drug product.
- Catalent (Novo Holdings): One of the largest global pharma CDMOs offering softgel, oral dose, biologics, and spray drying capabilities. Directly comparable to Codis as a CDMO serving pharma customers, but with materially broader service portfolio, larger capacity, and stronger Big Pharma relationships.
- Siegfried Holding: Swiss pharmaceutical CDMO offering API and drug product manufacturing services globally. Comparable to Codis in CDMO service model and pharmaceutical customer base, with broader integrated capabilities across small-molecule API and finished dosage forms.
Emerging players
- Ascendia Pharmaceuticals: Specialty CDMO focused on spray drying, hot melt extrusion, and amorphous solid dispersions for poorly soluble drugs. Highly comparable to Codis' ASD and spray drying capabilities, positioned as a smaller, specialty-focused emerging player.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Particle Dynamics social profiles
Digital presenceParticle Dynamics financial estimates
Financial estimateRevenue estimate
Valuation estimate
Particle Dynamics leadership team
Management profileNumber of profiles
Profiles4 records
Particle Dynamics funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Particle Dynamics M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Particle Dynamics
What does Particle Dynamics do?
Particle Dynamics (Codis) is a global CDMO providing commercial-scale spray drying, amorphous solid dispersions (ASD), microencapsulation, and continuous granulation services to pharmaceutical, consumer health, OTC, and nutraceutical companies. It also manufactures Sevelamer API (world's leading supplier) and proprietary functional excipient products (Destab, Descote, MicroMask, Polysaccharide Iron Complex) across cGMP facilities in the US and UK. The company supports clients from development through commercial launch with regulatory, analytical, and final dosage form capabilities.
Is Particle Dynamics a public or private company?
Particle Dynamics is a private company. It is classified as venture growth investor backed and is currently operating.
When was Particle Dynamics founded?
Particle Dynamics was founded in 2025. It employs 101 to 250 people.
Where is Particle Dynamics based?
Particle Dynamics is headquartered in St Louis, United States, in the North America region.
Who are Particle Dynamics's main competitors?
Direct peers on record are EUROAPI, Cambrex, Particle Sciences (Lubrizol Life Science), Aenova Group and Hovione. Broad incumbents are Patheon (Thermo Fisher Scientific), Lonza, Catalent (Novo Holdings) and Siegfried Holding. Ascendia Pharmaceuticals is listed as an emerging player.
Does Particle Dynamics have an API?
No public API is recorded for Particle Dynamics.
What industry is Particle Dynamics in?
Particle Dynamics's product category is Pharmaceutical Contract Manufacturing. Its primary akta.pro industry code is HLAGABAK, Clinical Trial Material (CTM) Manufacturing & Supply CDMO, with a secondary code of HLAGABAG, Drug Substance–Drug Product Integrated CDMO. Its NAICS code is 325414 and its SIC code is 2834.