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A cancer drug firm is creating 50 jobs in North Wales with a multi-million pound investment.

Private equity firm Maven Capital Partners announced today an investment in ADC Biotechnology(ABC Bio) to support the construction of a dedicated pharmaceutical manufacturing facility at a site in Deeside.

The facility will cost £8m to construct, a substantial part of which has been funded by a syndicate of technology investors, which includes Maven VCTs, Seneca and Finance Wales, and the Welsh Government, which is providing a grant.

It will create 50 scientific jobs.

ADC Bio has developed a unique patented Lock-Release technology for the development and manufacture of Antibody Drug Conjugates (ADC) group of cancer therapies which are designed to specifically target and kill tumour cells.

The new facility will allow ADC Bio to move into clinical and commercial ADC manufacturing, and convert its already strong customer base, currently focused on manufacturing for R&D applications, to higher value clinical development work.

Melanie Goward, investment director at Maven, said: “ADC Bio is one of the pioneers in manufacturing of oncology therapeutics.

“We are delighted to be leading the consortium of investors to fund the company’s new innovative clinical facility in Wales, as well as creating highly skilled new jobs in the area."

Charlie Johnson, CEO at ADC Biotechnology Limited, said: “The investment and development in the new facility will see the creation of a host of new, degree level and above jobs locally.

“We are very confident about orders and already have confirmation that many of our existing customers will use the new facility for future projects and we expect to add a number of new drug projects from companies in the USA and Europe.”

Paul Lee, Deputy Fund Manager, Technology Venture Investments at Finance Wales, said: "Since our entry investment in 2011, we’ve supported ADC over interim additional rounds, and we are pleased to extend such support as a key participant in the current syndicated round.

“Moving into GMP manufacture is a major 'step change' for ADC’s development and technical offering.

“ADC is a high growth technology company which is creating highly skilled jobs in north Wales and we’re looking forward to continue working with them as they expand.”