LakePharma, a US biologics company specialising in antibody and protein engineering, cell line development and protein production, has raised USD30 million in growth financing led by global growth equity investor Summit Partners with participation from existing investor Ampersand Capital Partners.
The funding will be used to enhance LakePharma’s existing service offering and grow the company’s biomanufacturing capabilities.
Founded in 2009, LakePharma provides a full range of biologics services and technology, which enables clients to accelerate product development from lead discovery to Phase 1 clinical trials.
LakePharma currently operates three laboratory centers in the Bay Area in Northern California and one in Worcester, Massachusetts. The company has plans to open additional centers in California and Massachusetts.
“Expanding our capabilities in biologics manufacturing is the next logical step in the growth of LakePharma,” says Hua Tu, Chairman and CEO of LakePharma. “This investment will allow us to grow our service offerings to meet the needs of our customers, while we continue to add capacity and become a fully-integrated CDMO.”
“LakePharma is led by an impressive and highly regarded management team, with a demonstrated record of excellence in serving its pharmaceutical and biotechnology clients worldwide,” says Jesse Lane, a Principal with Summit Partners who will join the LakePharma Board of Directors. “We are excited to partner with Hua and the entire LakePharma team to support the company in its next phase of growth.”
Eric Lev, a Partner at Ampersand Capital Partners and existing LakePharma Board member, adds: “We see the opportunity for LakePharma to build upon its leading position in outsourced biologics development. This financing will assist the company as it continues to add capabilities and maintain its strong growth trajectory.”
