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Biotech Startup Sells for $150 Million

Sep 20, 2021   |   Valley News

"An Upper Valley biotech startup co-founded by Dartmouth engineering professor Tillman Gerngross is being acquired by a Boston-area biotech firm in a cash and stock deal valued at $150 million, the latest milestone for the star Thayer School of Engineering professor and entrepreneur who has a growing list of successful business launches to his credit," reports the Valley News.

"Repligen Corp. of Waltham, Mass., announced it has agreed to acquire Avitide, Inc., which develops purifying processes for drugs so that they can be safely administered to humans, for $75 million in cash plus $75 million in Repligen common stock."

..."Gerngross, along with his former graduate students, Kevin Isett [Th'20] and postdoctoral researcher Warren Kett, founded Avitide in 2013 to develop rapid and reliable purification technology for biologics — drugs developed through genetic engineering as opposed to chemical compounds — and raised a total of about $40 million in funding from private investors, Gerngross said."

..."Avitide says its technology significantly reduces the time and cost in the drug development process for complicated biologics, enabling them to be brought to market sooner than otherwise would have been the case."

..."'I'm just simply interested in where there are gaps in technology to come up with better medicines,' Gerngross said."

Similar coverage in: TECHregister, Endpoints News, and Concord Monitor

Link to source:$150-million-in-cash-and-stock-42575357

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