Abzena Receives Growth Capital Investment from Newly Launched Biospring Partners
28 Jul, 2020, 07:00 ET
CAMBRIDGE, England and BRISTOL, Pa. and SAN DIEGO, July 28, 2020 /PRNewswire/ -- Abzena, a leading global partnership research organization providing integrated discovery, development and manufacturing of biologics and antibody drug conjugates (ADCs), has announced a $10M investment of growth capital from Biospring Partners, a New York based investment firm.
The new capital will allow Abzena to accelerate its growth plans. Abzena drove 80% revenue growth and tripled GMP manufacturing capacity in the first half of 2020. "The investment by Biospring Partners is further validation that the Abzena integrated model is the future of biologics drug development and manufacturing," said Jonathan Goldman MD, CEO of Abzena. "Michelle Dipp and Jennifer Lum founded Biospring based upon their deep expertise in life sciences and technology industries. Abzena will benefit from Biospring's access to a broad network of potential customers and their expertise in building and operating growth stage companies. Access to new customer partners and operating expertise is essential for the continuing growth of the company."
"It is an exciting time to join Abzena's board. Abzena is uniquely positioned to take advantage of the global market opportunity for large molecules as the biopharmaceutical industry increasingly outsources development and manufacturing," said Dr. Dipp. "Abzena is the industry leader for the comprehensive and integrated development of biologics and ADCs."
"We are thrilled to have Dr. Dipp join the board of Abzena, one of our portfolio companies," said Nick O'Leary of Welsh, Carson, Anderson and Stowe. "Dr. Dipp's expertise in life sciences and the additional capital Biospring has invested will allow Abzena to continue its global growth and market reach."
Abzena provides the most complete set of solutions in integrated early discovery to mid-phase biotherapeutic and bioconjugation drug development and manufacturing in the biopharmaceutical industry. The company maintains resources around the world, with facilities in the US and UK. Abzena is owned by Welsh, Carson, Anderson & Stowe, one of the world's leading private equity investors. For more information, please see www.abzena.com.
About Biospring Partners
Biospring Partners invests in growth stage life sciences technology companies. Founded in 2020, by Michelle Dipp, MD PhD and Jennifer Lum, Biospring is focused on companies using technology to drive innovation and efficiency across the life sciences sector. Biospring is uniquely positioned to partner with life sciences technology companies that have the potential to fundamentally change how we research, diagnose and treat disease. For more information, please see www.biospring.com.
About Welsh, Carson, Anderson and Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.
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