Boston-based private equity firm Artemis Capital Partners has announced the acquisition of Millrock Technology, an innovator of lyophilisation instrumentation and ancillary products for the pharmaceutical, biotech, and diagnostics industries.

Millrock designs and manufactures advanced lyophilisation instrumentation and freeze-drying process development tools that support applications in diagnostics, personalised medicine, advanced therapeutics, and drug development.

Under Artemis' ownership, Millrock will continue to operate as an independent company from its facility in Kingston, New York, serving a global customer base. Artemis is committed to investing in Millrock's organisation, technical expertise, and operations to ensure long-term growth and impact across the life sciences value chain.

Bill Pezza, Operating Partner at Artemis, said, "The partnership between Millrock and Artemis is a natural fit. Our experience in scaling industrial technology companies serving life sciences, paired with Millrock's best-in-class lyophilisation solutions, creates an exciting opportunity to expand capabilities and deliver even greater value to customers developing the next generation of biologics, vaccines, and diagnostics."

T N Thompson, Founder of Millrock, noted that they chose to partner with Artemis because of “their deep understanding of our markets and technology and their commitment to supporting companies that improve global health outcomes.”

“Together, we look forward to expanding our scale and technical capabilities while staying true to our mission of helping life science innovators bring critical therapies to patients,” he added.

Cheryl Xiang, Vice President at Artemis, emphasised that Millrock exemplifies the type of transformative company they seek to partner with. “Lyophilisation is increasingly vital to ensuring the safety, stability, and accessibility of advanced therapies, and Millrock's products directly contribute to making our world a healthier place. We are excited to partner with Millrock to accelerate its growth and innovation while preserving its customer-first culture,” she said.