New Strategic Investment In ADC Bio
We are pleased to announce that Global contract development and manufacturing organisation (CDMO), Sterling Pharma Solutions (Sterling) has made a new strategic partnership with our Company.
The partnership will see Sterling make a significant investment in the business with a view to acquiring ADC Biotechnology in Q1 next year, subject to due diligence.
The businesses will work together to develop an integrated service offering for existing and potential customers, which combines ADC Bio’s expertise with Sterling’s high potency small molecule expertise.
Kevin Cook, CEO at Sterling, said: “This partnership is a really exciting one for both businesses. It will enable continued innovation around this fast-developing science, and in the future we hope that our combined expertise and targeted investment will be a strong competitive force in the race to find the latest generation of drugs in the oncology area.
“Sterling has always been, and will continue to be, focused on the services we can provide to our customers, to ensure they are ahead of the innovation curve and can develop the latest scientific breakthroughs to deliver better drugs for their patients. This partnership is a perfect example of this; some of the finest experts working together to achieve bigger and better things.”
Alan Raymond, Executive Chairman of ADC Bio, added: “The team at ADC Bio have been at the forefront of antibody drug bioconjugation and process development, supporting important advances in oncology with our clients in recent years. This strategic partnership will allow us to further develop this service with significant investment in the right areas of the business, which is great news for our employees and our customers. We are looking forward to working with the team at Sterling.”
The announcement follows Sterling’s acquisition of a second US development and manufacturing facility in Wisconsin in September. The UK headquartered CDMO now employs over 700 people across the UK and the US.
Sterling Pharma Solutions was advised by Macfarlanes and ADC Bio was advised by FRP Corporate Finance and Mills & Reeve LLP.