Oakwood Laboratories was founded as the research division of Ben Venue Laboratories, the largest and most experienced parenteral company in the world. In 1997 it was spun off as a separate entity when Ben Venue was acquired by Boehringer-Ingelheim. Oakwood's founders, Edward C. Smith and Mark T. Smith were C.E.O and the Director of Business Development of Ben Venue and were responsible for starting Ben Venue's generic division, Bedford Laboratories.