Biotech firm secures funding for £8m facility
Biotech company ADC Biotechnology has secured funding for the construction of a new £8 million pharmaceutical manufacturing facility in Deeside, North Wales.
The undisclosed round was led by private equity house Maven Capital Partners, with participation from Seneca, Finance Wales and the Welsh Government, which is providing a grant.
Along with creating 50 scientific jobs, the new facility will allow ADC Bio to complete its "highly strategic move" into clinical and commercial ADC manufacturing and convert its strong customer base to higher clinical development work.
ADC Bio operates in the highest growth sector within oncology therapeutics and has developed a unique patented lock-release technology for the development and manufacture of Antibody Drug Conjugates (ADC) group of cancer therapies which are designed to specifically target and kill tumour cells.
“The investment and development in the new facility will see the creation of a host of new, degree level and above jobs locally,” CEO Charlie Johnson said.
He added: “It’s really exciting that some of the world’s most advanced therapies will be developed here in the North West and we would like to thank the teams at Maven, Seneca, Finance Wales and the Welsh Government for their support and investment to help fund this project.”
Melanie Goward, investment director at Maven, said: “ADC Bio is one of the pioneers in manufacturing of oncology therapeutics. We are delighted to be leading the consortium of investors to fund the company’s new innovative clinical facility in Wales, as well as creating highly skilled new jobs in the area.
“This a hugely exciting time for ADC Bio given the growing global demand for anti-cancer drugs and we have every confidence that the company will benefit from the cost efficiencies of its Lock-Release technology. We look forward to working with Charlie Johnson and his highly skilled team as they grow the already strong customer base."