New York backer injects $10 million into Abzena

Cambridge UK life science business Abzena has received $10 million growth capital from New York investment firm Biospring Partners.

The cash injection will allow Abzena to accelerate its worldwide growth plans.

Abzena is a global partnership research organisation providing integrated discovery, development and manufacturing of biologics and antibody drug conjugates.

The Babraham Research Campus company drove 80 per cent revenue growth and tripled GMP manufacturing capacity in the first half of 2020. 

CEO Jonathan Goldman said: “The investment by Biospring Partners is further validation that the Abzena integrated model is the future of biologics drug development and manufacturing. 

“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.”

Dr Dipp joins the Abzena board and says: “It is an exciting time to join. Abzena is uniquely positioned to take advantage of the global market opportunity for large molecules as the biopharmaceutical industry increasingly outsources development and manufacturing.

“Abzena is the industry leader for the comprehensive and integrated development of biologics and ADCs.”

The company has also strengthened its American executive team by appointing Matthew LeClair as senior vice-president and site head of its San Diego operations.

With more than 29 years’ experience in the biopharma industry, LeClair has previously held roles at Takeda, including site head in Singapore and site head of the Milford, Massachusetts facility.