Samsung Venture Investment Corporation has invested an undisclosed amount in Araris Biotech ahead of a series A funding round.
The investment was made by Samsung Life Science Fund, a joint creation between Samsung Biologics and trading company Samsung C&T, which is managed by Samsung Ventures Investment Corporation (Samsung Ventures), an investment corporation that aims to promote the advancement of technologies.
“Samsung Biologics plans its investments with Samsung Life Science Fund […] The fund is worth of KRW150 billion [$113 million],” a spokesperson for Samsung Biologics told BioProcess Insider.
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“The company decided to invest in antibody drug conjugates (ADCs) and its related technology based on the increasing market demand.”
According to Araris, the funding will be used to support future advancement of potential candidates for ADCs. Moreover, The Korea Herald reported that Samsung Biologics aims to increase its ADC portfolio and actively participate in the manufacture of ADC drugs facilitated by the collaboration with Araris.
“We’re pleased to receive this support from Samsung, as well as the recognition of the potential of our linker-payload toolbox and conjugation technology in such a quickly growing ADC field,” said Philipp Spycher, CEO of Araris Biotech.
“We look forward to using these proceeds to further support our efforts in advancing our ADC candidates toward the clinic.”
Back in December 2022, the CDMO said it was looking at moving into the ADC market and has space free at its plant number four to add capability.
““The company plans to add an ADC facility at its Songdo biomanufacturing site within 2024 though segregated from the current manufacturing facility to avoid cross-contamination.”
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