Advanced Cell Diagnostics
Acquired by Bio-Techne 2016
"Summit made an impact even before our investment partnership began, making introductions, offering strategic guidance and providing hands-on operational support that helped us to raise our profile as a leader in precision medicine."
Revenue growth within first year of Summit’s investment
Employees, expanding headcount from 60 at time of Summit’s investment
Product portfolio growth, expanding from 5000 to 9000+ probe reagent and reagent kits sold
Acquired by Bio-Techne Corporation
Revenue growth within first year of Summit’s investment
Employees, expanding headcount from 60 at time of Summit’s investment
Product portfolio growth, expanding from 5000 to 9000+ probe reagent and reagent kits sold
Acquired by Bio-Techne Corporation
Founded in 2006, Advanced Cell Diagnostics (ACD) quickly established itself as a leader in the field of molecular pathology, developing cell- and tissue-based diagnostic tests for personalized medicine and life science research. With a rapidly growing product portfolio based on its proprietary RNAscope® technology, ACD sought an experienced life sciences investor to help expand the company’s go-to-market capability with a focus on international expansion and eCommerce enablement.
How Summit Partners Helped
- Summit led a Series C equity financing round in 2015
- Introduced Dr. Ken Fong – founder of former Summit portfolio company Clontech – who became an advisor to ACD
- Summit’s Peak Performance Group worked closely with management to help ACD optimize its sales force and develop the sales operations function to manage global scale
- Supported ACD in forming a strategic partnership with Leica Biosystems to develop and commercialize RNAscope-based clinical diagnostics products
- Assisted ACD in evaluating and managing inbound interest from strategic acquirers
Advanced Cell Diagnostics continued to build on its market and technology leadership position with its award-winning RNAscope technology. During Summit’s investment period, ACD products were used in thousands of leading academic and industrial labs, and in 2015 alone, ACD’s technology was cited in more than 500 peer-reviewed research publications. The company’s strong growth and innovative, transformative technology attracted the attention of strategic acquirer Bio-Techne Corporation (NASDAQ: TECH). The acquisition allowed Bio-Techne to enter the genomics market and to expand its presence in both research and clinical setting. Today, ACD still operates as an independent subsidiary of Bio-Techne and is a world leader in RNA biomarker analysis for precision medicine.
The Portfolio Company Executive quoted herein did not receive compensation for any statements regarding Summit Partners. However, since Advanced Cell Diagnostics is a former portfolio company of Summit, this individual did receive general compensation in connection with his employment by the company. In addition, this individual is not an investor in a Summit fund but may have conflicts arising from his past role with Advanced Cell Diagnostics due to the company’s relationship with Summit.
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