In a strategic push to fortify its global manufacturing network, Codis has raised a new round of growth capital to expand its commercial-scale operations, particularly at its Haverhill, UK facility. The funding was led by healthcare-focused private equity firm 1315 Capital, with continued support from existing investors BroadOak Capital Partners and Research Corporation Technologies (RCT).
Codis operates more than 400,000 square feet of cGMP-compliant manufacturing space across three sites in the United States and United Kingdom, with a claimed annual spray drying capacity of over 5,000 metric tons—placing it among the largest commercial spray drying platforms globally.
Nicolas Fortin, CEO of Codis, described the raise as pivotal in enabling the company to meet growing demand from clients scaling toward commercial supply. “This capital lets us expand capacity in Haverhill and move faster to support late-stage programs across markets,” he said.
Codis specializes in spray drying, amorphous solid dispersions (ASD), particle engineering, and finished-dose manufacturing—technologies that sit at the heart of solving drug solubility and delivery challenges. Its customers include pharmaceutical, consumer health, nutraceutical, and over-the-counter (OTC) product companies seeking to move complex formulations from development into commercial scale.
For investors, the raise reflects confidence in a critical but often overlooked segment of the drug development value chain. “The pharmaceutical industry increasingly needs scalable spray-drying expertise to unlock the full value of new drug candidates,” said Matthew Reber, Partner at 1315 Capital, adding that Codis is well-positioned to lead in this high-demand space.
Board Chairman Derek Hennecke highlighted the strategic importance of the Haverhill expansion, noting that it strengthens the company’s global reach while accelerating time-to-supply for partners.
Editorial Analysis & Perspective
While biotech investment cycles often focus on new molecules or diagnostics breakthroughs, the infrastructure behind formulation and delivery is quietly becoming the differentiator in speed-to-market. Codis is playing squarely into that opportunity—focusing not on inventing the drug, but enabling its success at scale.
With spray drying emerging as a go-to solution for increasing bioavailability of poorly soluble APIs, Codis’s large-scale capability gives it leverage at a time when many CDMOs struggle to match demand. But size alone won’t be enough. Speed, consistency, regulatory discipline, and customer intimacy will define which players lead this next wave of pharma outsourcing.
This raise, though undisclosed in size, is a strong signal that Codis is not content being a niche operator. It wants a seat at the global table—and this expansion may be the proof point that moves it there.
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