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Carlsbad-based Argonaut Manufacturing Services provides pre-fill syringes and cartridges for clinical and commercial supply. Courtesy photo
Carlsbad-based Argonaut Manufacturing Services provides pre-fill syringes and cartridges for clinical and commercial supply. Courtesy photo
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Carlsbad biopharma company closes $45M financial support deal

CARLSBAD — A Carlsbad-based biopharmaceutical company has closed a $45 million deal to receive financial support for a dedicated facility housing a new drug-filling line that will more than quadruple its current product output.

Argonaut Manufacturing Services, a contract development and manufacturing organization, or CDMO, serving the biopharma and life sciences industries, received $45 million in financing for its new drug product fill/finish expansion and equipment upgrades.

“Argonaut is uniquely positioned to address the manufacturing challenges that biopharma innovators face related to the sterile fill/finish of complex and high-value drug products. We remain laser-focused on leveraging our experienced team’s commitment to flexibility and client satisfaction while prioritizing quality and compliance,” said Wayne Woodard, founder and CEO of Argonaut.

The expansion, underway since early 2023, includes a new facility with a drug-filling line that more than quadruples Argonaut’s existing drug product fill lines, according to a statement from the company.

“The recent consolidation in the aseptic fill/finish market has highlighted the need for additional capacity to ensure patients have uninterrupted access to critical life-saving and life-extending therapies,” said Chris Duffy, Senior Vice President at Argonaut.

NewVale Capital, a growth equity fund focused on pharmaceutical and life science services, led the financing with support from existing majority investor Telegraph Hill Partners and other investors.

“The recent commitment from NewVale Capital and the continued support of Telegraph Hill Partners paves a straight path to capacity expansion and fulfillment of our mission to become the world’s best drug product manufacturing solutions provider for our clients,” added Woodard.

The facility has increased its existing vial-filling capabilities and can now pre-fill syringes and cartridges for clinical and commercial supply. The company expects to complete facility and equipment upgrades by 2025.

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