What Colorcon does

Colorcon, Inc. is a privately held specialty excipient and film coating company headquartered in Harleysville, Pennsylvania, operating under parent BPSI Holdings LLC. Founded in 1961 and active for over 60 years, Colorcon designs, manufactures, and supplies formulated film coating systems, core excipients, modified release technologies, and controlled atmosphere packaging for the global pharmaceutical and nutraceutical industries. Its product portfolio is organized into four pillars: the Opadry family of film coatings (including Opadry QX, Opadry EZ, Opadry II, Opadry AMB II, Opadry TF, Opadry Enteric, and Acryl-EZE) and Nutrafinish coatings for nutraceuticals; core excipients such as Starch 1500, StarCap, StarTab, Nutracore, and Suglets; controlled release systems including Corelease (EC, CA, OPL), Surelease ethylcellulose dispersions, and AnyCoat HPMC polymers, plus ASHAKOTE and ASHACEL via the ASHA Cellulose partnership; and controlled atmosphere packaging including DryGuard desiccants, PharmaKeep oxygen scavengers (co-developed with Mitsubishi Gas Chemical), OXYNOV barrier bottles, EQIUS equilibrium stabilizers, and the new OneLock integrated closure. The company has been the originator of the complete film coating system category since launching Opadry in 1980.

Colorcon serves pharmaceutical manufacturers as its primary segment and also serves nutraceutical and dietary supplement manufacturers, animal health companies (as a NASC Preferred Supplier), diagnostics and medical device makers, and food and confectionery producers. Revenue is generated through a global direct sales force and network of technical specialists who provide formulation support across the solid oral dose lifecycle, with quote-based, non-publicly disclosed pricing and four main revenue streams tied to film coating systems, core excipients, controlled release technologies, and controlled atmosphere packaging. The company is the No. 1 global distributor of pharmaceutical cellulose via a long-term arrangement with Lotte Fine Chemical and has executed two undisclosed acquisitions in five years (Ideal Cures in October 2021 and Airnov Healthcare Packaging agreed January 2023), while expanding Asia Pacific capacity with a new film coating facility in Johor, Malaysia inaugurated July 28, 2025. The Colorcon Ventures corporate fund backs adjacent ingredient technologies such as Phytolon, and the company maintains co-development partnerships with Mitsubishi Gas Chemical and ASHA Cellulose to secure critical raw materials and IP.

Name

Colorcon

Legal name

Colorcon, Inc.

Website

https://colorcon.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Pharmaceutical Excipients & Film Coating Systems

NAICS

Paint and Coating Manufacturing (32551), Paint, Coating, and Adhesive Manufacturing (3255)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Industrial & Protective Coatings (IMAEAGAB)

akta.pro secondary industry

Specialty & Functional Coatings (Anti-microbial/Anti-slip/Insulating) (IMAIAKAM)

Keywords

• Pharmaceutical excipients
• Film coating systems
• Controlled release technologies
• Pharmaceutical packaging
• Tablet formulation

Headquarters

HQ city

Harleysville

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Film Coating Systems: Sale of formulated film coating systems including Opadry® brand coatings for pharmaceutical and nutraceutical applications. Revenue generated from product sales to pharmaceutical manufacturers.
2. Core Excipients: Sale of core excipients including starches, binders, diluents, and lubricants for solid oral dosage forms.
3. Controlled Release Technologies: Sale of polymers, coating systems, and formulated products for modified and controlled release drug delivery applications.
4. Controlled Atmosphere Packaging: Sale of desiccant products, oxygen scavenging solutions, and barrier packaging for pharmaceutical moisture and oxygen protection.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Colorcon designs, develops, and manufactures specialty excipients and formulated film coating systems for solid oral dosage forms serving the pharmaceutical, nutraceutical, animal health, and food industries. Its portfolio includes the Opadry® family of film coatings, controlled release technologies (Surelease®, Corelease™), core excipients (Starch 1500®, Suglets®), and controlled atmosphere packaging (DryGuard™, PharmaKeep®, OXYNOV®, EQIUS®, OneLock™). The company provides formulation expertise and technical support to drug manufacturers across the product development lifecycle.

Product overview

Colorcon is a global leader in formulated film coating systems, core excipients, modified release technologies, and controlled atmosphere packaging for the pharmaceutical and nutraceutical industries. The company's portfolio is organized into four main product categories: (1) Film Coatings including the Opadry® family of pharmaceutical coatings (Opadry® QX, Opadry® EZ, Opadry® II, Opadry® AMB II, Opadry® TF, Opadry® Enteric) plus Acryl-EZE® for enteric applications, and Nutrafinish®/Nutrateric®/Nutrapure™ for nutraceuticals; (2) Core Excipients including Starch 1500®, StarCap®, StarTab®, Nutracore®, and Suglets® for tablet binding, compression, and drug layering; (3) Controlled Release technologies including Corelease™ systems (EC, CA, OPL) for osmotic coatings, Surelease® ethylcellulose dispersions, and AnyCoat® HPMC polymers; and (4) Controlled Atmosphere Packaging including DryGuard™ desiccants, PharmaKeep® oxygen scavengers (co-developed with Mitsubishi Gas Chemical), OXYNOV® barrier bottles, EQIUS® humidity stabilizers, and the new OneLock™ all-in-one closure system. Founded in 1965 with over 60 years of industry experience, Colorcon supports all phases of solid oral dose development from design through manufacture.

Differentiator

Problem solved

Functional benefit

Brands

• Opadry: Complete film coating system for solid oral dosage forms, including variants like Opadry QX, Opadry EZ, Opadry II, Opadry AMB II, Opadry TF, and Opadry SGR
• Surelease
• Corelease
• AnyCoat
• Nutrafinish
• Nutrateric
• Nutracore
• DryGuard
• PharmaKeep
• OXYNOV
• EQIUS
• ADP
• OneLock
• Starch 1500
• Colorcon Ventures

Products and services

• Opadry® QX Quick+FleXible Film Coating System High-efficiency film coating system designed for wide equipment compatibility, simplifying transfer of products between manufacturing sites. For pharmaceutical manufacturers of solid oral dosage forms.
• Opadry® EZ Easy Swallow Coating Film coating system developed to help overcome swallowing challenges, particularly beneficial for larger tablets, elderly populations, and consumer health products.
• Opadry® II High Performance Film Coating System High-performance film coating system offering faster, more efficient application with enhanced gloss compared to original HPMC-based Opadry coatings.
• Opadry® AMB II High Performance Moisture Barrier Film Coating Advanced moisture barrier coating providing enhanced protection for moisture-sensitive active pharmaceutical ingredients with improved efficiency over original moisture barrier coatings.
• Opadry® TF TiO2 Free Film Coatings Titanium dioxide-free film coating formulations addressing clean-label preferences and regulatory changes in various markets.
• Opadry® Enteric Coating System pH-responsive enteric coating system designed to protect drugs from stomach acid or prevent gastric irritation by delaying dissolution until reaching the small intestine.
• Acryl-EZE® Aqueous Acrylic Enteric System Aqueous-based acrylic enteric coating system providing delayed release functionality for acid-sensitive drugs and gastric protection.
• Opacode® Monogramming Ink Specialized printing ink for tablet monogramming and identification markings on film-coated tablets.
• Nutrafinish® Coating Systems Complete range of film coating systems for nutraceutical and dietary supplement applications including moisture protection, high performance, easy swallow, and clean-label formulations.
• Nutrateric® Nutritional Enteric Coating Enteric coating system designed for nutritional supplements requiring delayed release protection.
• Nutrapure™ Certified Organic Coating Certified organic film coating solution for nutraceutical products meeting organic certification requirements.
• Opatint® Liquid Color Concentrate Liquid color concentrate system for coloring nutraceutical and dietary supplement tablets.
• Starch 1500® Partially Pregelatinized Maize Starch Partially pregelatinized maize starch serving as a binder, diluent, and lubricant in solid oral dosage forms, known for moisture scavenging properties.
• StarCap® Superior Flow Maize Starch Enhanced flow characteristics maize starch for improved manufacturing efficiency in solid dosage forms.
• StarTab® Directly Compressible Starch Directly compressible starch enabling tablet manufacturing without granulation processes.
• Nutracore® Label Friendly Filler and Lubricant Label-friendly filler and lubricant excipients designed for clean-label nutraceutical formulations.
• Suglets® Sugar Spheres Sugar sphere substrates used as cores for drug layering and multiparticulates in controlled release formulations.
• Corelease™ EC Ethylcellulose Organic Coating System Ethylcellulose organic coating system for sustained release and taste masking applications in controlled release formulations.
• Corelease CA™ Fully Formulated Osmotic Coating System Complete osmotic coating system designed for osmotic pump drug delivery platforms providing controlled release through semi-permeable membrane technology.
• Corelease OPL™ Controlled Release Osmotic Push Layer Osmotic push layer component for multi-layer osmotic tablet systems enabling controlled drug delivery.
• Surelease® Ethylcellulose Dispersion Type B NF Aqueous ethylcellulose dispersion coating system for sustained release applications, providing reliable drug release control.
• AnyCoat-C® Hypromellose Polymers Hypromellose (HPMC) polymers for hydrophilic matrix-controlled release formulations available in multiple viscosity grades.
• AnyCoat-P® Hypromellose Phthalate Polymers pH-sensitive hypromellose phthalate polymers for enteric coating and delayed release applications.
• ASHAKOTE® Aqueous Ethyl Cellulose Dispersion Aqueous ethyl cellulose dispersion developed through partnership with ASHA Cellulose for pharmaceutical coating applications.
• ASHACEL® Ethylcellulose Polymers Ethylcellulose polymers for controlled release and film coating applications, part of ASHA Cellulose partnership.
• DryGuard™ Desiccant Packets Drop-in desiccant packets providing moisture protection for pharmaceutical and nutraceutical packaging.
• DryGuard™ Desiccant Canisters Drop-in desiccant canisters for moisture control in pharmaceutical packaging applications.
• OneLock™ All-in-One Closure System Innovative all-in-one closure integrating desiccant directly into the closure, eliminating need for separate desiccant components. Features tamper-evident disk and child-resistant push-and-turn system for pharmaceutical and nutraceutical applications.
• ADP® Advanced Desiccant Polymer Advanced desiccant polymer technology embedded into packaging for consistent and reliable moisture protection throughout product shelf life.
• PharmaKeep® Oxygen Scavenging Packets Polymer-based oxygen scavenging packets developed and distributed jointly by Colorcon and Mitsubishi Gas Chemical Company for oxygen protection in pharmaceutical packaging.
• PharmaKeep® Oxygen Scavenging Capsules and Canisters Polymer-based oxygen scavenging capsules co-developed with Mitsubishi Gas Chemical Company for enhanced oxygen barrier protection in pharmaceutical packaging.
• PharmaKeep® Oxygen Scavenging Bags Polymer-based oxygen scavenging bags for bulk pharmaceutical packaging, jointly developed with Mitsubishi Gas Chemical Company.
• OXYNOV® Barrier Bottles Six-layer extrusion blow-molded pharmaceutical containers providing enhanced oxygen barrier protection compared to standard polyethylene bottles.
• EQIUS® Equilibrium RH Stabilizers Sorbent capsules that maintain specific relative humidity levels in pharmaceutical packaging where controlled humidity conditions are required.
• AROMACAN® Odor Control Odor control solutions for pharmaceutical and nutraceutical packaging applications.

Quantifiable outcome

• Sustained-release formulations have been shown to improve medication adherence by 26–30% compared to immediate-release counterparts in chronic disease management.
• +1 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Four partnerships are on record, tiered core.

• ASHA CellulosecoreTechnology or Integration · 1 May 2025Colorcon partnered with ASHA Cellulose in May 2025 to develop advanced ethyl cellulose solutions for pharmaceutical packaging. This partnership focuses on developing innovative controlled release and packaging technologies using ASHA Cellulose's ethyl cellulose materials, strengthening Colorcon's position in the pharmaceutical packaging laminates market.
• ASHA CellulosecoreTechnology or Integration · 1 May 2025Partnership with ASHA Cellulose in May 2025 to develop advanced ethyl cellulose solutions for pharmaceutical packaging applications, as highlighted in pharmaceutical packaging laminates market analysis.
• Mitsubishi Gas Chemical Company, Inc. (MGC)coreTechnology or IntegrationJoint development partnership with Mitsubishi Gas Chemical Company for PharmaKeep oxygen scavenging products. Colorcon and MGC jointly develop and distribute polymer-based oxygen scavenging bags, canisters, and capsules for pharmaceutical packaging applications. These products provide oxygen protection to maintain drug stability and extend shelf life.
• Mitsubishi Gas Chemical Company, Inc. (MGC)coreTechnology or IntegrationOngoing joint development and distribution of PharmaKeep oxygen scavenging canisters and capsules developed and distributed jointly by Colorcon and Mitsubishi Gas Chemical Company for pharmaceutical oxygen protection applications.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Evonik Industries: Global specialty chemicals giant with a Health Care business line producing pharmaceutical excipients, including polymers and functional ingredients for solid oral dosage forms. Directly comparable as a large-scale supplier of formulated excipients and controlled release polymers, though Evonik serves a broader specialty chemicals portfolio beyond pharma.
• BASF: World's largest chemical company with an extensive pharmaceutical excipients and active ingredient portfolio. Comparable as a broad supplier of binders, coatings polymers, and specialty ingredients for solid oral dosage forms, though pharma is one segment of a much larger chemicals business.
• DuPont Nutrition & Biosciences (now IFF): Major ingredient supplier with pharmaceutical excipient and controlled release polymer offerings after the IFF merger. Comparable in serving the pharmaceutical and nutraceutical formulation markets with film coating polymers and excipients, but operates across much broader food and beverage ingredients.

Direct peers

• Ashland: Specialty chemical company with a pharmaceutical division producing film coating systems, controlled release polymers (including Aqualon ethylcellulose), and tablet excipients. Closely comparable to Colorcon as a focused pharmaceutical excipient and coating supplier serving solid oral dosage form manufacturers.
• Roquette: Global leader in starch-based and polyol pharmaceutical excipients, including directly compressible starches, cyclodextrins, and coating polymers. Highly comparable to Colorcon's Starch 1500 and other core excipient lines, and increasingly competing in the film coating and controlled release space.
• SPI Pharma: Specialty pharmaceutical excipient supplier offering directly compressible excipients, effervescent systems, and taste-masking technologies. Comparable to Colorcon's core excipient and controlled release portfolio, particularly Don Loveday's prior role at SPI Pharma underscores executive-level familiarity between the two competitors.
• JRS Pharma (J. Rettenmaier & Söhne): Manufacturer of cellulose-based and starch-based pharmaceutical excipients including microcrystalline cellulose, croscarmellose sodium, and coating systems. Comparable to Colorcon's core excipient and film coating portfolio, with strong overlap in cellulose-derived binders and fillers for solid oral dosage forms.

Emerging players

• Ideal Cures (acquired by Colorcon): Indian manufacturer of ready-to-use film coating systems and specialty excipients acquired by Colorcon in 2021. Previously a direct peer in the global film coating market, now a Colorcon subsidiary serving emerging market pharma customers.
• Airnov Healthcare Packaging (acquired by Colorcon): Specialty healthcare packaging company producing desiccants, oxygen scavengers, and moisture-protective packaging acquired by Colorcon in 2023. Was a peer/complementary supplier in the controlled atmosphere packaging space before becoming a Colorcon subsidiary.

Regional players

• Kerry Group: Global taste and nutrition company with pharmaceutical excipient offerings including coating systems and taste-masking technologies. Comparable to Colorcon's nutraceutical coating and taste-masking portfolio, though Kerry's primary focus remains food and beverage ingredients rather than pharmaceutical-grade excipients.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/colorcon
• LinkedInlinkedin.com/company/colorcon

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Colorcon