Argonaut Manufacturing Services, a CDMO specializing in aseptic fill-finish for injectable biologics and other drugs, has sold its life sciences and diagnostics unit to the private equity firm 1315 Capital for an undisclosed price.
The spun off division, which was formed by Argonaut in 2016, will operate as an independent CDMO backed by 1315. That business will operate under the moniker of Aluris Sciences.
Argonaut, for its part, continues to be owned by Telegraph Hill Partners, New Vale Capital and management, the company said in a Sept. 9 press release.
The company stressed that all existing drug product program timelines, quality commitments and contract obligations will "remain unchanged" in the wake of the transaction.
Financial details of the deal weren’t disclosed.
Argonaut said it will use money from the deal for core operations and to expand its fill-finish capacity at its Carlsbad, California, production site.
“This transaction marks a significant strategic milestone for both Argonaut and Aluris Sciences,” Rick Hancock, Argonaut’s chief executive, said in a statement. “The two businesses already operated with largely separate staff and resources, allowing the transition to occur without disrupting any existing customer programs.”
Argonaut was represented by KPMG Corporate Finance in the deal.
In 2024, Argonaut completed a $45 million financing round, using the funds to complete the expansion of its fill/finish line that is part of the company’s nearly 110,000-square-feet of space spread out between five buildings in Carlsbad, located north of San Diego.