A cancer drug firm is creating 50 jobs in North Wales with an £8m investment. Maven Capital Partners, a private equity firm, has announced an investment in ADC Biotechnology (ABC Bio) to support the construction of a dedicated pharmaceutical manufacturing facility at a site in Deeside.
The new manufacturing plant has received financial backing from Finance Wales and the Welsh Government, which has provided a grant, supported by substantial funding by a syndicate of technology investors, which includes Maven VCTs, and Seneca.
ADC Bio has developed an exclusive patented Lock-Release technology for the advancement and production of Antibody Drug Conjugates (ADC) group of cancer therapies which are formed to especially target and kill tumour cells.
The advanced plant will allow ADC Bio to move into clinical and commercial ADC manufacturing, and further establish its growing customer base, which currently focusses on manufacturing for R&D applications, to move towards higher value clinical development work.
Melanie Goward, investment director at Maven, said:
“ADC Bio is one of the pioneers in manufacturing of oncology therapeutics.
We are delighted to be leading the consortium of investors to fund the company’s new innovative clinical facility in Wales, as well as creating highly skilled new jobs in the area.”
Charlie Johnson, CEO at ADC Biotechnology Limited, said:
“The investment and development in the new facility will see the creation of a host of new, degree level and above jobs locally.
“We are very confident about orders and already have confirmation that many of our existing customers will use the new facility for future projects and we expect to add a number of new drug projects from companies in the USA and Europe.”