Abstract: The invention relates to a process for providing esters of hyaluronic acid, hyaluronic acid salts or hyaluronic acid derivatives with hydrophobic organic compounds. The process includes the steps of (i) micronizing the hyaluronic acid, salt or derivative thereof at reduced temperature, (ii) reacting the hydrophobic compound with a micronized hyaluronic acid obtained in (i) in a suitable solvent; and (iii) filtrating or dialyzing reaction mixture obtained in (ii) to obtain the desired ester. Also encompassed by the present invention are the esters obtained by such a method and compositions containing them as well as the use thereof for treating and/or preventing cartilage damage and inflammation.