Paragon Bioservices

In 1990, Dr. Marco Chacon founded Paragon Bioservices. The company started as a contract development and manufacturing organization, often called a CDMO, focusing on producing complex biopharmaceuticals for other companies. Initially, it operated out of the University of Maryland BioPark, concentrating on the early-stage development and manufacturing of materials for clinical trials. Paragon specialized in a critical and fast-growing area of medicine: gene therapy. Specifically, it became an expert in developing and manufacturing viral vectors, which are essential tools for delivering gene therapies to patients. This focus on a high-demand, specialized niche set the stage for significant growth. The company partnered with numerous leading biotech and pharmaceutical firms, helping them advance new treatments. A pivotal moment in Paragon's journey occurred in May 2019, when Catalent, a global provider of drug development and delivery solutions, announced it would acquire Paragon for $1.2 billion in an all-cash deal. At the time of the acquisition, Paragon was experiencing rapid growth, with around 380 employees and plans for further expansion. The acquisition was a strategic move for Catalent, allowing it to instantly become a leader in the burgeoning gene therapy market, which was valued as a potential $40 billion industry.