Abramson further added: "One of our key objectives is to develop and deliver an all-phosphorescent emissive stack. We believe that this acquisition will help further these research efforts, principally in the development of commercial blue emissive systems.

As a leading player in the OLED ecosystem with 20+ years of know-how and experience in emissive materials and technologies, we believe that we are best positioned to incorporate and leverage BASF's IP assets into our existing broad and robust portfolio of 3,600+ issued and pending patents worldwide. We expect this acquisition to strengthen our commercial development pipeline of new and next-generation OLED systems and bring additional value to our customers and shareholders."

BASF ceased its OLED research activities at the end of 2015 after a careful strategic examination. With the sale of the OLED IP assets, the withdrawal is finalized.

"We are pleased that UDC will take forward the development and marketing of our OLED materials and technologies. We believe our IP and know-how fits perfectly into UDC's patent portfolio and competencies and that UDC will be able to generate the most value for the OLED industry out of these combined phosphorescent technologies," said Felix Goerth, Director Organic Electronics at BASF New Business GmbH.
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