Brammer Bio
Brammer Bio was born out of a strategic combination of Ampersand’s investment in an academic gene therapy CDMO and the entrepreneurial vision of Mark Bamforth, a seasoned Life Sciences professional seeking a new venture.
The journey began in early 2015 when the Ampersand team began exploring opportunities in advanced therapies contract manufacturing and services. A market analysis revealed a growing number of clinical products in the cell and gene therapy sector and strong positive clinical data and outcomes for this class of therapies. Through an in-depth market mapping of key players in the sector, and networking with industry experts, the Ampersand team identified Florida Biologix, a business looking to spin-out from the University of Florida’s Department of Regenerative Medicine, as a promising investment opportunity.
The Ampersand team set up a meeting with Dr. Richard Snyder, the founder of Florida Biologix, who had over a decade of experience and a strong track record in producing early-stage viral vectors at the Florida facility. Leveraging expertise in academic carve-outs, Ampersand negotiated with the university to create an independent stand-alone business under the leadership of Dr. Snyder. Dr. Snyder and Ampersand agreed that a key next step would be to build a deeper management team to lead the business.
Meanwhile, Mark Bamforth was ready to start a new chapter in his career following a 22-year tenure in corporate operations at Genzyme Corporation and the successful launch and exit of a biologics CDMO. Recognizing the growth potential in the cell and gene therapy sector and understanding manufacturing capacity constraints from his previous experience, Bamforth saw an opportunity in large-scale contract service capacity.
Through mutual industry connections, Bamforth, Snyder and Ampersand joined forces within a few short months into the new investment partnership. A strong synergy formed between the three parties, leading to the formation of Brammer Bio as an Ampersand portfolio company.
“I was aware that Ampersand had a lot of sector experience and scientific knowledge in the space, and that they focused exclusively on services and tools for life sciences, so that made them very attractive to work with.” –Mark Bamforth
Keys to Success
Ampersand and the Brammer leadership identified a significant gap in the availability of viral vectors to support the rapidly expanding cell and gene therapy industry. They anticipated a growing demand for specialized capacity to address this need.
Mark Bamforth soon found a facility in Lexington, Massachusetts with build-out potential to provide large-scale capacity. However, within six months, a new opportunity arose to acquire existing commercial facilities from Biogen, complete with 100 employees with commercial manufacturing experience.
The Brammer and Ampersand teams were quick to recognize that this deal could dramatically accelerate Brammer’s growth. Ampersand supported the leadership in pivoting the business and provided investment to build out capacity for late-stage and commercial viral vector production. Instead of a 12-month build-out with no client, Brammer suddenly had a 6-month build-out with a client in place.
Brammer grew rapidly in the months to follow, expanding its workforce to over 600 employees. It rose to a leadership position in the sector, supporting about a third of all late-stage cell and gene therapy products.
It was evident that to meet growing demand, Brammer Bio needed to continue Bamforth’s philosophy of staying ahead with capacity. They needed another facility double in size, which would require additional investment. As the Brammer leadership team and Ampersand looked at expansion options, interest was growing from multiple third parties looking to acquire the business.
“The relationship with Ampersand was critical in making these strategic decisions when pivoting the business.” –Mark Bamforth
In 2019, just four years after it was founded, Brammer Bio was acquired by Thermo Fisher Scientific in a deal that highlighted the company’s fast trajectory of growth. The acquisition enabled Brammer Bio to leverage Thermo Fisher’s extensive resources and global reach, further solidifying its position as the industry’s leading viral vector manufacturer. Ampersand played a crucial role in the exit process, utilizing its team’s vast experience to navigate the complexities of the sale, create a smooth transition, and establish continued opportunities for Brammer Bio’s employees.
“Ampersand’s experience in buying and selling companies was invaluable. When it came to the sale of Brammer Bio, they knew the right questions to ask and partnered with the right third parties to run a very good process. It was important to us that the employees that had been with us on our journey had opportunities for continuity and career development, and we achieved that.” –Mark Bamforth
Offering a true partnership that extends far beyond capital infusion, Ampersand’s founder-friendly approach ensures the interests of portfolio companies’ leadership teams remain at the forefront. In many cases, this enables founders to retain autonomy over their business while benefiting from expert guidance, and the fostering of long-term relationships. This approach resonates with entrepreneurs, and in the case of Brammer Bio, the founders of both legacy companies remained at the center of the project. In doing so, they became recognized leaders as individuals in their fields as the business ascended to its market leading position.
Mark Bamforth’s relationship with Ampersand continued long after the sale of Brammer Bio. He went on to found and lead another business that became an Ampersand portfolio company and has an ongoing role today as an Executive Advisor. He provides advisory support, helps assess new investment opportunities and shares his experiences with the next generations of founder-owned life science enterprises.
“Some investors require control, but Ampersand didn’t. They acted as a true partner, supporting us in our evolving strategy, while ensuring we always had the resources to succeed.” –Dr. Richard Snyder
“I am delighted to continue my long association with Ampersand, advising on new opportunities and sharing my experiences with new generations of founders seeking the right kind of investment relationship. Ampersand’s commitment to forging leaders in life sciences very much aligns with my own values.” –Mark Bamforth
Disclosure: The case study and results included are for illustration purposes only and may not be typical. The case study should not be considered specific investment advice, do not take into consideration a specific situation, and are not intended to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Case study testimonials were provided by clients between May 2024 – July 2024. The client was not compensated, nor are their material conflicts of interest that would affect the given testimony. The testimony may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services.
The statements provided herein are made by certain founders or executives of Ampersand’s past and/or current portfolio companies. Certain statements made herein are considered “testimonials” and express approval, support, or a recommendation of Ampersand, or describe the individual’s experience with Ampersand. The individual has not been directly compensated for making these statements. However, a portfolio company in which the individual held a significant equity interest may have received financial investment from Ampersand through one or more funds managed by Ampersand. As such, the individual may have an indirect financial interest in the success of Ampersand’s activities or in presenting Ampersand in a favorable light. Additionally, the individual may be an Operating Partner or Executive Advisor with Ampersand. As an Operating Partner or Executive Advisor, the individual performs certain services for Ampersand and may be compensated for providing these services. These potential conflicts of interest should be considered by prospective investors when evaluating the individual’s testimonial.
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