Pharmaceutical firm Novo is set to exit US-based life science research tool developer Unchained Labs in a $435m acquisition by private equity firm Carlyle Group agreed yesterday.
Unchained Labs provides a range of life science tools used by biologics and gene therapy researchers to analyse and identify large, complex molecules. It has eight product lines and expects to generate over $75m of revenue in 2021.
Tim Harkness, Unchained Labs’ founder and CEO, said: “The Unchained team has solved a ton of problems for researchers over the past few years, but we are just beginning to scratch the surface of the biologics and gene therapy opportunity.
“I am thrilled to welcome Carlyle as our new partner. They have the team, the vision, the conviction, the experience and the capital to help us accelerate organic and inorganic growth and realise our full potential.”
The company has raised $86m of funding since it was founded in 2015. Novo subsidiary Novo Ventures led its $25m series A round in 2015, investing alongside Canaan Partners and TPG Biotech.
Unchained Labs picked up $25m of series B funding from undisclosed investors the following year, according to a regulatory filing.
Novo Ventures, Canaan Partners and TPG Biotech supplied $13m of series C funding for the company in 2017 before they joined Tri-Valley Ventures in a $17m series D round in 2018.