LabShares, a provider of laboratory space, equipment and services to biotech companies, announced that life sciences industry veteran Philip Borden and investment group Pacific Lake Partners purchased a majority stake in the company.
Through the transaction, Mr. Borden will become CEO of LabShares. The company's founder and former CEO, Jeff Behrens, has joined the board of directors and will remain an adviser and shareholder to the company, according to a Sept. 12 LabShares news release.
Early in his career, Mr. Borden served as a biotech-focused venture capitalist at Frazier Healthcare and Oxford Bioscience Partners. Mr. Borden went on to work at BioAgilytix, a provider of bioanalytical services to the biopharma industry.
"Emerging biotechs often struggle to predict their growth trajectory. It is suboptimal for them to sign costly, long-term leases, to purchase their own expensive lab equipment, to go through lengthy permitting processes, and to handle the day-to-day logistics of lab management," Mr. Borden said in the news release. "LabShares' approach is dramatically more capital efficient, allowing their dollars to go further. I believe that virtually every early-stage biotech and life science company should utilize shared lab space."