Deal

FRP secures investment and international partnership for ADC

FRP advises ADC Biotechnology on deal with Sterling Pharma Solutions

We are pleased to have advised ADC Biotechnology (ADC Bio), a biotechnology company specialising in antibody drug conjugates, on securing a strategic partnership with global contract development and manufacturing organisation, Sterling Pharma Solutions (Sterling).

An integrated FRP team led on the deal, including Health Snyder, Adrian Gare and Alex Starling from our Corporate Finance team, and Ben Woolrych and Simon Farr from our Restructuring Advisory team.

Established in 2010, and based in Deeside, ADC Bio is a contract research organisation in the antibody drug conjugate space, focused on an oncology therapeutic customer base. The partnership will see Sterling invest in the business with a view to acquiring ADC Biotechnology by the end of March 2021, subject to due diligence. The businesses will work together to develop an integrated service offering, which combines ADC Bio’s expertise with Sterling’s high potency small molecule expertise.

Heath Snyder, Corporate Finance Partner at FRP, said: “This transaction marks an important step in the development of ADC Bio, which has not just welcomed significant investment, but also sealed a strategic partnership with Sterling that will leverage their respective expertise and drive further innovation in the oncology field. We wish both teams all the best as they continue to raise their ambitions and help more customers and patients.”

Kevin Cook, CEO at Sterling, said: “This partnership is a really exciting one for both businesses. It will enable continued innovation around this fast-developing science. In the future we hope that our combined expertise and targeted investment will be a strong competitive force in the race to find the latest generation of drugs in the oncology area.

“Sterling has always been, and will continue to be, focused on the services we can provide to our customers, which ensure they are ahead of the innovation curve and can develop the latest scientific breakthroughs to deliver better drugs for their patients. This partnership is a perfect example of this; some of the finest experts working together to achieve bigger and better things.”

Alan Raymond, Executive Chairman of ADC, added: “The team at ADC Bio have been at the forefront of antibody drug bio conjugation and process development, supporting important advances in oncology with our clients in recent years. This strategic partnership will allow us to further develop this service with significant investment in the right areas of the business, which is great news for our employees and our customers. We are looking forward to working with the team at Sterling.

“I am also grateful to the FRP team for their thoughtful, pragmatic and straightforward advice throughout this process. Heath and his team‘s determination to deliver the best outcome in challenging circumstances for all stakeholders has resulted in this new strategic partnership with Sterling.”

Related team

Heath Snyder

Heath Snyder

  • Partner
  • Corporate Finance
  • Manchester

Adrian Gare

Adrian Gare

  • Consultant Partner
  • Corporate Finance
  • Manchester

Alex Starling

Alex Starling

  • Associate Director
  • Corporate Finance
  • Manchester

Simon Farr

Simon Farr

  • Director
  • Restructuring Advisory
  • Manchester