CEO Today USA Awards

23 www.ceotodaymagazine.com CEO Today USAAwards 2017 CALIFORNIA www.finesse.com and helps with training and validation record management. SmartFactory is based on Finesse’s software platforms called TruBio, TruPur and TruChrom that were developed by Finesse UK. This contract essentially put Finesse on the map, enabling it to become a global player in the field of bioprocessing. Finesse also started developing downstream and continuous processing equipment in 2016. Today, a joint development program is underway with two of the leading pharmaceutical companies, to create a harmonized platform from the research to the production level. This platform is expected to enter the marketplace in 2018 and create a paradigm shift in time-to- market and production costs for biological drugs. It will enable startup and mid-level companies to produce their products starting in Phase 1 and reduce the capital expenditures for production by over 80%. Such a platform is necessary to enable orphan drugs for small populations that are otherwise unaffordable to product, and will pave the way for personalized medicine and cell therapy at a large scale. The goal is to reduce the cost of a CAR-T treatment from $500,000 to under $50,000, thereby enabling this revolutionary platform to compete with standard cancer treatments. From 2015 onwards the company started to experience rapid growth. Revenue increased 30% year on year and headcount more than doubled in size. This rapid expansion brings its own challenges for small companies who experience this type of growth in such a short space of time. Cash is always an issue especially in the manufacturing companies who carry inventory. Finesse was renowned for building highly customized projects to customer specification and often times one of the challenges is the long lead times before inventory is converted to cash. It became evident that in order to meet its continuous demand the company needed to find alternative sources of funding. It was very natural when Thermo Fisher Scientific came forward and proposed an acquisition as Finesse controllers had been implemented with Thermo Fisher’s single-use bioreactors since 2008. The two companies had entered into a formal collaboration and partnership in 2013. The acquisition was completed in February 2017. Since the acquisition, Finesse (now called the Measurement and Control business unit) has been able to reach out to a much larger global customer base. As working capital is no longer a challenge, Finesse now has the capability of delivering to customer timelines and specifications its world class bioprocessing equipment. The adoption of the Finesse SmartFactory has also started accelerating as the financial stability of Thermo Fisher Scientific has eliminated a key competitive barrier often encountered when Finesse competed against General Electric (GE). Over the last decade, Finesse had gained a leading position in upstream bio-process control and measurement in both research labs and cGMP production facilities. The company was known for its relentless innovation, commitment to quality, and dedicated service support to its client base. Today, Finesse has entered an exciting phase of being part of and international congolomerate. Thermo Fisher Scientific currently has annual revenues of $26B and a market cap exceeding $70B. Barb now serves as GM and VP for Measurement and Controls within the BioProduction Division. Barb is very honored to receive this CEO award. The last 10 years have been both exciting and challenging. Finesse started out as a 2 person company and it has been most fulfilling to see the company grow to its current state. Thank you for choosing me for the CEO awards. “Do not go where the path may lead, go instead where there is no path and leave a trail.” - Ralph Waldo Emerson