Arcline Investment Management has acquired a majority interest in Akron Biotechnology.
Akron manufactures and distributes materials that are used for cell and gene therapy research, development, and commercialization. The company’s products include cytokines (proteins that promote cell signaling) and growth factors, cryopreservation solutions, and cell culture media supplements (used to support the growth of cells).
Akron was founded in 2006 by Claudia Zylberberg, PhD, the company’s chief executive officer. Akron’s first proprietary product was CryoSolve, a single-use syringe filled with cryopreservation media used to preserve stem cells. CryoSolve continues to be one of Akron’s most successful products and is used by stem cell banks around the world. Akron is headquartered in Boca Raton, FL (www.akronbiotech.com).
In partnership with Arcline, Akron will continue to be led by Dr. Zylberberg and she will also be a member of the company’s board of directors. “We recognize that the cell and gene therapy industry has reached a critical juncture. With so many therapy developers progressing through advanced stages of clinical development, the demand for cGMP-grade materials will increase dramatically in the near future. We are delighted to partner with Arcline to substantially expand Akron’s capacity to meet this growing demand for the benefit of the entire regenerative medicine industry and the patients it serves,” said Dr. Zylberberg.
Arcline plans to organically expand Akron’s capabilities and pursue add-on acquisitions within the cell and gene therapy manufacturing tools, ancillary materials and services sectors.
Arcline makes control investments in companies that have from $10 million to $100 million of EBITDA and enterprise values of up to $1 billion. Sectors of interest include industrials, technology, life sciences, and specialty chemicals. The firm closed its first fund, Arcline Capital Partners LP, with $1.5 billion of committed capital in March 2019. Arcline was founded in September 2018 and has offices in San Francisco and New York (www.arcline.com).
Dark Horse Consulting Group, a San Jose-based consultant specializing in cell and gene therapy product development, provided advice and assistance to Arcline in connection with the buy of Akron. Arcline formed a strategic partnership with Dark Horse in July 2019.
© 2019 Private Equity Professional | September 11, 2019