FRP’s corporate finance team advises on sale of biotechnology company
The Manchester-based corporate finance team at FRP has advised on the sale of ADC Biotechnology, a company specialising in antibody drug conjugates, to global contract development and manufacturing organisation, Sterling Pharma Solutions.
The deal follows the announcement of a strategic partnership between ADC Bio and Sterling in December 2020, also advised by FRP, which paved the way for the 100 per cent sale to Sterling.
As part of the transaction, ADC Bio’s facility in Deeside, North Wales, will now rebrand to become part of Sterling’s international network.
The combined team will now develop an integrated service offering that will combine Sterling’s considerable experience in cGMP manufacturing, quality processes and compliance, with the considerable expertise of the ADC Bio team.
The acquisition of ADC Bio, which was established in 2010, will see strategic investments in the Deeside facility to grow and develop its existing technical and analytical services teams, as well as develop and establish cGMP (current Good Manufacturing Guidelines) bioconjugation manufacturing at the facility in 2022.
FRP corporate finance partner, Heath Snyder led the team advising ADC Bio on the transaction.
Commenting on the acquisition, Heath said: “This acquisition represents an exciting new era for ADC Bio, giving it an elevated platform from which to build further upon its highly successful strategic partnership with Sterling.
“The deal brings instant scale and many operational benefits, and provides the Deeside facility with an excellent position to accelerate its future growth.”
Kevin Cook, CEO at Sterling Pharma Solutions, said: “We are delighted to confirm the acquisition of the ADC Bio business, this investment provides us with the opportunity to offer a wider portfolio of services to our customers in the fast-growing ADC and bioconjugation market, as well as providing additional services to existing ADC Bio customers.”
Alan Raymond, executive chairman of ADC Bio, added: “This is fantastic news for our employees and our customers; targeted investment in both people and processes will allow the team to continue supporting important advances in drug development with additional services, and importantly with the additional support and experience from the Sterling team. I’d like to thank Heath and the wider team at FRP for their support on such an important deal.”