Kitchener, Ontario, Canada – June 10, 2025 – Nicoya Lifesciences, Inc., a leading provider of advanced biologics characterization tools for drug discovery and development, today announced its acquisition of Applied Photophysics, a UK-based provider of biophysical characterization instrumentation. Applied Photophysics, bringing a 50-year history of delivering established analytical methods and reliable instrumentation, will now operate as part of Nicoya.
The acquisition is expected to immediately double Nicoya’s annual revenue, triple its existing customer base, and provide a foundation for substantial profitability with continued organic growth projected at 25%.

As part of the integration, Applied Photophysics’s UK headquarters in Leatherhead, Surrey, will become Nicoya's European operational hub. This significantly expands Nicoya's global reach and customer support capabilities. The acquisition was financed by Nicoya’s existing investor syndicate, led by Graphite Ventures and debt partner SWK Holdings Corporation, with participation from Garage Capital, MaRS IAF, Laurier Startup Fund, ArchAngel, GTAN and support from Agilent Technologies, WhiteCap Venture Partners, BDC Capital's Growth & Transition Capital Team, Export Development Canada (EDC) among others..

The acquisition directly addresses the biopharmaceutical industry’s need for more comprehensive and efficient analytical solutions to accelerate the development of increasingly complex protein-based drugs. By integrating Applied Photophysics’s established technologies for protein structure (Circular Dichroism), kinetics (stopped flow) and stability assessment (nanoDSF) with Nicoya's expertise in label-free interaction analysis (Surface Plasmon Resonance), Nicoya now offers customers access to an integrated suite of these key technologies from a single company. This allows researchers, particularly those in large pharma and emerging biotechs with high-throughput needs and automation goals, to gain a more complete understanding of their therapeutic candidates.

"Developing sophisticated molecules like ADCs and bispecific antibodies requires a deep understanding of a candidate's binding, structure, and stability. Obtaining this data efficiently has been a persistent industry challenge," said Ryan Denomme, CEO of Nicoya. "This acquisition equips Nicoya to directly address that challenge by unifying these essential analytical techniques. We are providing scientists with a more streamlined path to make informed decisions faster, identify the most promising candidates earlier, and ultimately, improve the probability of success for biologic therapies. Our expanded expertise across multiple analytical tools allows us to better support customers in unraveling the interdependencies between structure, function, and stability for these complex modalities."

The expanded Nicoya platform now provides researchers with:

• Surface Plasmon Resonance (SPR) for quantifying binding kinetics and affinity.
• Circular Dichroism (CD) and nanoDSF for analyzing protein secondary structure and thermal stability.
• Stopped-flow kinetics for monitoring rapid kinetic events and enzyme reactions

A significant advantage, particularly in early-stage discovery, is the enhanced capability for high-throughput analysis of biologic candidates directly from crude, unpurified samples using Nicoya’s Alto™ (SPR) and Applied Photophysics’s SUPR-DSF instruments. This ability to bypass time-consuming purification steps for initial screening allows for quicker identification of promising leads and significantly reduces the resources wasted on candidates that might later fail due to unforeseen biophysical properties.

"For decades, Applied Photophysics has provided the scientific community with trusted technologies for deep biophysical insights," commented Tim Flanagan, CEO of Applied Photophysics, who will be joining Nicoya in a transitional role. "Integrating these proven capabilities with Nicoya’s SPR platforms and their focus on user-friendly workflow automation will provide researchers with more powerful and efficient solutions to meet today's complex drug development demands."

The ability to generate comprehensive, multi-parameter datasets with this expanded instrument portfolio is also important for the biopharmaceutical industry's increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) in drug development. Nicoya is standardizing data outputs across its offerings to directly support these initiatives, working with AI-focused biotechs and academic partners to enhance predictive modeling for antibody function and developability. Access to such integrated data is key to training more robust AI models that can better predict the developability and potential clinical success of novel biologics.