Biotech startup AbSci lands investment from Merck’s VC arm to fuel ‘Protein Printing’ technology – GeekWire
Vancouver, Wash.-based biotech company AbSci raised an undisclosed amount of funding from pharmaceutical giant Merck.
Founded in 2011, AbSci’s “Protein Printing” technology is used to discover and manufacture complex biological molecules such as antibodies and insulin.
The investment comes from Merck’s Global Health Innovation Fund, which has $500 million under management.
A SEC filing posted Feb. 26 notes a $70 million cash infusion for the company. AbSci declined to comment on the filing or provide financial details of the deal.
“AbSci falls into a special investment allocation towards what we see as ‘Next Horizon’ technologies that have the potential to disrupt the biopharmaceutical industry,” Prem Tumkosit, managing director of Merck GHI, said in a statement. “AbSci’s technologies may enable discovery and development of exciting new biotherapeutics that could meaningfully impact human health in the years to come.”
AbSci is coming off a $65 million investment round raised in October and the acquisition of Denovium in January. The company is led by CEO and founder Sean McClain.