3i invests in ten23 health, a CDMO focused on developing and commercializing injectable biopharmaceuticals.
Private equity and venture capital firm 3i Group has partnered with CEO Hanns-Christian Mahler to form contract development manufacturing organization (CDMO) ten23 health headquarted in Basel, Switzerland.
The CDMO will offer drug product development and manufacturing, testing services for sterile pharmaceutical products and formulation development.
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“ten23 is uniquely positioned to provide holistic design and development services with its differentiated pharmaceutical and application knowhow. ten23 health’s offering includes a development roadmap, de-risking strategies and support in its execution,” a spokesperson for 3i told BioProcess Insider.
According to ten23, its service offerings will allow its clients to profit from shorter product timelines and increase the possibility of technical success leading to commercialization.
When asked 3i said that so far ten23 does not have any manufacturing capabilities but has taken over a fully operational lab and office space from Elanco, an animal pharma company.
“With respect to manufacturing, we work with trusted and qualified partners that we have got to know through former projects.”
The CDMO also claims that as drug development activities across the industry continue to be fast-tracked, companies will increase outsourcing specific services, which are offered by ten23 health.
“There is a significant unmet need in the market: the number and complexity of molecules (biotech, viral vector and novel modalities) are increasing substantially, but there is not enough capacity, knowledge and expertise in the field when it comes to using those molecules in the development of medical treatments,” the spokesperson said.
3i said it has already created around 20 positions for 2021 and has plans to hire at least as many in 2022.
“The positions will initially be across pharmaceutical and analytical disciplines. This should provide opportunities for experts and leaders in the fields of formulation, analytics, QC, QA, regulatory, sterile manufacturing and alike. Furthermore, we are supported by a strong network of trusted and qualified partners.”
No specific financial details have been disclosed. However, the spokesperson said, “in a typical deal 3i will invest in assets with an enterprise value in the range of €100 million ($118m) to €500 million ($593m).”
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