Malaysia-based private equity firm and return backer Xeraya Capital has joined the $120-million investment round for US-headquartered Rapid Micro Biosystems Inc, a provider of rapid microbial detection technology for biopharma manufacturing.
The round was led by Ally Bridge Group, joined by Endeavour Vision, and existing investors including Bain Capital Life Sciences, Longitude Capital, and Asahi Kasei Medical.
This deal comes about three months after Xeraya Capital led a $31-million Series B round of financing in US-based developer of medical devices Aria CV Inc. Xeraya Capital is owned by Malaysian sovereign wealth fund Khazanah Nasional Bhd with a mandate to focus on the life sciences sector.
Rapid Micro will use the financing to support its next stage of commercial growth that includes expansion in the US, Europe and Asia. The company has also raised senior debt financing from Kennedy Lewis Investment Management.
The financing is also expected to accelerate new product development including a rapid sterility test that can significantly shorten the supply chain for the deployment of biologics, vaccines and cell therapies to patients.
The company has seen growing adoption of its Growth DirectTM platform by leading biopharma companies to accelerate drug and vaccine production, meet stringent quality requirements, and maximize capacity to meet growing global demand.
Rapid Micro Biosystems CEO Robert Spignesi said, in the statement, “the global demand for drugs and vaccines is growing rapidly, a trend further amplified by the current pandemic. In response, manufacturers of biologics, sterile injectables, vaccines and cell and gene therapies are turning to the Growth Direct platform to modernize their manufacturing operations, improve their processes and make faster decisions.”
The platform is believed to replace existing resource-intensive and time‐consuming processes, said Alexander Schmitz, Partner at Endeavour Vision, who joined the company’s board as part of the financing.