SOUTH SAN FRANCISCO and BOSTON, Dec. 12, 2017 /PRNewswire/ -- LakePharma, a leading U.S. biologics company specializing in antibody and protein engineering, cell line development and protein production, announced today that it has raised $30 million in growth financing led by global growth equity investor Summit Partners with participation from existing investor Ampersand Capital Partners. The funding will be used to enhance LakePharma's existing service offering and grow the company's biomanufacturing capabilities.
Founded in 2009, LakePharma provides a full range of biologics services and technology, which enables clients to accelerate product development from lead discovery to Phase 1 clinical trials.
LakePharma currently operates three laboratory centers in the Bay Area in Northern California and one in Worcester, Massachusetts. The company has plans to open additional centers in California and Massachusetts.
"Expanding our capabilities in biologics manufacturing is the next logical step in the growth of LakePharma," commented Hua Tu, Chairman and CEO of LakePharma. "This investment will allow us to grow our service offerings to meet the needs of our customers, while we continue to add capacity and become a fully-integrated CDMO."
"LakePharma is led by an impressive and highly regarded management team, with a demonstrated record of excellence in serving its pharmaceutical and biotechnology clients worldwide," said Jesse Lane, a Principal with Summit Partners who will join the LakePharma Board of Directors. "We are excited to partner with Hua and the entire LakePharma team to support the company in its next phase of growth."
Eric Lev, a Partner at Ampersand Capital Partners and existing LakePharma Board member added, "We see the opportunity for LakePharma to build upon its leading position in outsourced biologics development. This financing will assist the company as it continues to add capabilities and maintain its strong growth trajectory."
LakePharma is the leading US-based biologics company specializing in antibody engineering, antibody discovery, molecular engineering, protein chemistry, bioexpression, biofunction, bioprocessing, and bioanalytics. LakePharma focuses on integrated platforms to support projects throughout the drug discovery process. LakePharma offers dedicated client services and sophisticated software to provide real-time access to project data via a secure cloud-based portal. For more information, please visit www.lakepharma.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $15 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in healthcare & life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable healthcare & life sciences investments include Advanced Cell Diagnostics, Clontech, Diagnostic Hybrids, Integrated DNA Technologies, HealthCare Partners, MDVIP, Modernizing Medicine and Wellcentive. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.
About Ampersand Capital Partners
Ampersand is a middle market private equity firm with a focus on growth equity investments in the healthcare sector. Over the past two decades, Ampersand has managed more than $1 billion in private equity partnerships. Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Additional information about Ampersand is available at www.ampersandcapital.com.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James's Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.
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