Pharmaceutical research provider Antibody Analytics has received a multi-million pound investment to substantially expand its operations and headcount in Motherwell.
The investment from NorthEdge, a private equity firm headquartered in Manchester, will allow the Scottish company to complete the fit-out of the remaining two-thirds of its 24,000sq ft facility in the Braidhurst Industrial Estate. The current headcount of 92 employees is expected to rise to 130 by the end of next year, and then to 300 by the end of 2028.
Set up in 2015 by chief executive Andy Upsall, Antibody Analytics is a contract research organisation (CRO) providing immunology research services primarily to clients in North America and Europe such as IGM Biosciences, Cullinan Oncology, Alvotech and Nimbus Therapeutics. It has a particular focus on treatments for cancer, inflammation, and auto-immune diseases.
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Mr Upsall said the investment from NorthEdge represents "an exciting new chapter" for the company, which to date has been supported by grant funding from Scottish Enterprise and early stage growth funding from Tata Steel subsidiary UK Steel Enterprises (UKSE).
"This marks a watershed moment for Antibody Analytics," he said. "We're committed to using this investment as a tool – to create jobs, expand our facilities, solidify our global standing and allow us to realise our vision of a healthier future for all.
“With this investment, we will continue to develop technologies and provide services that address the challenges the industry demands. Now more than ever, the developers of innovative biotherapeutics require specialist solutions, as they forge their way through the increasingly difficult and expensive drug development pathway. This is just the beginning of our journey to further impact patient outcomes and drive advancements in life sciences."
The investment was led by Jon Pickering, partner and chief investment officer at NorthEdge, along with director Liam May and investment manager Simone Masterson. Mr May will join the board Antibody Analytics on behalf of NorthEdge.
“We’re thrilled to be backing Andy and the team at Antibody Analytics to support this extremely exciting stage of growth," Mr May said. "At NorthEdge, we have a strong cultural alignment with Antibody Analytics and we are committed to investing in people, technology and infrastructure to support businesses that improve global health outcomes."
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The investment builds on NorthEdge’s track record in healthcare and represents the firm’s sixth deal in the sector, and its fourth in pharma services following investments into medical communications agency, Helios; specialist life sciences talent provider, Meet; and pharma-services commercial impact agency, ramarketing.
Mr May added: “Antibody Analytics has a track record of developing strategically important services, alongside a pipeline of R&D projects that will further cement its reputation as a leader in its field. The value creation plan leverages the company’s culture of innovation and blends it with a continued focus on quality, client service and a market-leading employee value proposition to facilitate scale.
“The healthcare sector continues to be a significant focus area for us at NorthEdge, with Antibody Analytics representing our latest investment in this space. It is another example of NorthEdge investing in a well-respected and cutting-edge global business based in the UK regions, and we’re looking forward to working with Andy and the team to build a better business together over the coming years.”
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