Vector Labs decouples from Maravai, popping up shop with private capital, new CEO on board
Vector Laboratories has been in business since the 1970s, developing and manufacturing protein detection to help study tissues and cells. After Tuesday, the team will do so as a stand-alone company flush with private capital and headed by a new CEO.
Vector announced a $124 million cash buyout backed by private equity firm Thompson Street Capital Partners on Tuesday to fund its expansion in protein detection. The money will help Vector with future mergers and acquisitions, and help commercialize its labeling and detection technology in its pipeline.
Before, the company was a part of Maravai LifeSciences, which acquired the group in 2016.
New CEO Lisa Sellers comes into the role after being a part of Vector for the past year. She comes from 10X Genomics, where she was the VP of marketing, and before that, Thermo Fisher Scientific, where she served as the senior director of molecular diagnostics licensing. She spent years working with polymerase chain reaction, and has watched as her years of work on the technology has gone mainstream, as PCR tests are now a household name, thanks to the pandemic.
The buyout gives Vector the flexibility of a well-funded startup, with an established pipeline in its back pocket, that’s known to academics and researchers already.
“There’s going to be so much more innovation in this space in the next 50 years,” Sellers said. “Because our products are trusted, they’re already integrated into (our customers) commercial products …We’re not leaving our core, but we’re going to invest in a great operational partner.”
In a statement, Thompson Street said:
We’re delighted to have supported Lisa and her team through this transaction. The protein detection market has never been so important and in such demand. This is why we believe that Vector Laboratories is better positioned as a stand-alone private company. Now, it can fully focus on developing and commercializing new products at a velocity that can match the pace of demand in this market.