Deal

FRP advises ADC Biotechnology on sale to Sterling Pharma Solutions

Deal led by FRP’s Corporate Finance team sees sale of ADC Biotechnology to Sterling Pharma Solutions

We are pleased to have advised on the sale of ADC Biotechnology (ADC Bio), a company specialising in antibody drug conjugates, to global contract development and manufacturing organisation, Sterling Pharma Solutions (Sterling).

The deal follows the announcement of a strategic partnership between ADC Bio and Sterling, which was also supported by our Corporate Finance team and helped to pave the way for the 100 per cent sale to Sterling.

As part of the transaction, ADC Bio’s facility in Deeside, North Wales, will now rebrand to become part of Sterling’s international network. The combined team will now develop an integrated service offering that will combine Sterling’s considerable experience in cGMP (current Good Manufacturing Guidelines) manufacturing, quality processes and compliance, with the considerable expertise of the ADC Bio team.

The acquisition of ADC Bio, which was established in 2010, will see strategic investments in the Deeside facility to grow and develop its existing technical and analytical services teams, as well as develop and establish cGMP bioconjugation manufacturing at the facility in 2022.

Corporate Finance Partner, Heath Snyder who led the team advising ADC Bio on the transaction said: “This acquisition represents an exciting new era for ADC Bio, giving it an elevated platform from which to build further upon its highly successful strategic partnership with Sterling. The deal brings instant scale and many operational benefits, and provides the Deeside facility with an excellent position to accelerate its future growth.”

Kevin Cook, CEO at Sterling Pharma Solutions, said: “We are delighted to confirm the acquisition of the ADC Bio business, this investment provides us with the opportunity to offer a wider portfolio of services to our customers in the fast-growing ADC and bioconjugation market, as well as providing additional services to existing ADC Bio customers.”

“Integrating our highly potent API capabilities with the expertise already found at Deeside means that we will also be able to offer the development and manufacture of toxin linkers. This is an exciting time for both businesses as we embark on a period of growth and diversification to ensure we always stay ahead of the next innovation. I’d like to welcome all ADC Bio employees to the Sterling family.”

Alan Raymond, Executive Chairman of ADC Bio, added: “This is fantastic news for our employees and our customers; targeted investment in both people and processes will allow the team to continue supporting important advances in drug development with additional services, and importantly with the additional support and experience from the Sterling team. I’d like to thank Heath and the wider team at FRP for their support on such an important deal.”

Related team

Heath Snyder

Heath Snyder

  • Partner
  • Corporate Finance
  • Manchester

Alex Starling

Alex Starling

  • Associate Director
  • Corporate Finance
  • Manchester

Adrian Gare

Adrian Gare

  • Consultant Partner
  • Corporate Finance
  • Manchester