Fusion Antibodies, the Belfast antibody engineering company, has won a new contract worth more than £85,000 from the US-based specialty division of a global pharmaceutical company. The project covers transient gene expression of the client's lead antibody followed by a cryogenic electron microscopy study, and is repeat business from an existing client.
The award was announced to the London Stock Exchange on 22 October 2026 in a regulatory news statement from Fusion Antibodies plc, which trades on AIM under the ticker FAB. The work falls under an existing master services agreement with the client and is expected to be completed within Fusion's current financial year, which ends on 31 March 2027. The client has not been named.
- Contract: transient gene expression (TGE) of a lead antibody, then a cryogenic electron microscopy (cryo-EM) study, expected to generate revenue of more than £85,000.
- Client: a US-based specialty division of a global pharmaceutical company, working under an existing master services agreement. The client's name is not disclosed.
- Repeat business: the same client used Fusion for an antibody humanisation project announced on 28 August 2025.
- Timing: work is due to finish within the financial year ending 31 March 2027.
- Company context: Fusion reported revenue of £2.1 million and an operating loss of £1.13 million for the year to 31 March 2026, with an average of 24 people employed in the UK.
What the Fusion Antibodies contract covers
The project has two linked steps. First, Fusion will produce the client's lead antibody using transient gene expression, a method in which cells are given the antibody's genetic code for a short period so they make the protein without the time needed to build a permanent, stable cell line. Transient expression is commonly used to make research quantities of a candidate antibody quickly.
That material will then be used for a cryo-EM study. Cryogenic electron microscopy freezes a protein sample in a thin layer of ice and images it with an electron beam, allowing scientists to build a three-dimensional picture of its structure. For an antibody programme, structural data of this kind can show how a candidate binds its target, which helps developers refine and protect a lead molecule. Fusion's announcement does not say what the antibody targets, which disease area it is intended for, or where the cryo-EM imaging will be carried out.
Fusion said the "technologically complex nature" of the contract shows the relevance of its specialist capabilities, and that it supports its plan to commercialise technologies such as its OptiMAL antibody discovery platform and microfluidic cell line development.
What Fusion's chief executive said
Adrian Kinkaid, chief executive of Fusion Antibodies, said: "We are delighted to have secured this further project with an established pharmaceutical client, following the successful completion of our recent humanisation programme. This repeat business reflects the strength of our relationship and the value of Fusion's specialist antibody development capabilities. The award also supports our strategy of developing deeper relationships with major pharmaceutical companies, providing opportunities for further collaboration and a more diversified revenue base."
He added that the company looks forward to continuing its work with the client to support the development of therapeutic antibodies.
Why repeat work from large pharma matters to a small CRO
Fusion is a contract research organisation (CRO). Drug developers pay it to discover, humanise, produce and characterise antibodies, rather than doing that work in-house. In its announcement the company said the contract supports its strategy to increase exposure to larger pharmaceutical companies, "strengthening the quality and resilience of its revenue base."
That strategy has shown up in several recent awards. In August 2025 Fusion announced the humanisation project for this same client. Humanisation is the process of changing an antibody first raised in an animal, such as a mouse or rabbit, so that it is suitable for use in people. In October 2025 the company said it had been chosen by the antibody centre of excellence of a European-based global pharmaceutical company to humanise a family of VHH antibody fragments, with expected revenue of £175,000, as reported by Alliance News. Earlier, in February 2025, it announced a stable cell line development project with a US biotechnology company expected to bring in about US$250,000 by the end of 2025.
At just over £85,000, the new contract is small against the company's annual revenue of £2.1 million, equal to roughly 4%. Its value to Fusion lies as much in the relationship as in the sum: a second project under the same master services agreement shows that a global pharmaceutical group has come back after the first piece of work.
Fusion Antibodies' recent results and funding
Fusion published its final results for the year to 31 March 2026 on 14 September 2026, with a corrected version on 15 September that changed the gross margin figure. Revenue rose 7% to £2.1 million, helped by the transfer of intellectual property in an antibody asset to Finn Therapeutics. Underlying service revenue was £1.86 million, about 5% lower than the year before, although second-half service revenue of £1.02 million was 21% higher than the first half. Gross margin improved to 58.3% from 22%.
The operating loss narrowed to £1.13 million from a restated £1.63 million, even though research and development spending rose to £861,000 from £191,000. The company recognised £872,000 of other operating income, mainly from the Future Medicines Institute grant programme, which also funds PhD studentships. Fusion raised about £1.4 million before expenses in January 2026 to support the commercial launch of OptiMAL and for working capital, and held cash of £1.04 million at 31 March 2026.
OptiMAL is a mammalian display platform that Fusion says can deliver full-length human IgG antibodies without animal immunisation. It was commercially launched in December 2025 after validation work with the US National Cancer Institute, and since the year end its patent protection has been granted in Japan and Canada and accepted in Australia. Fusion is also developing a therapeutic antibody against DR5, a cell-death receptor, in a grant-funded collaboration with Queen's University Belfast.
The announcement does not mention any new jobs or public funding linked to this contract. Fusion's annual report lists Invest Northern Ireland as a shareholder in the company and as its landlord, with rent and estate service charges of £96,000 in the year to March 2026.
The contract at a glance
| Item | Detail |
|---|---|
| Company | Fusion Antibodies plc, Belfast (AIM: FAB) |
| Client | US-based specialty division of a global pharmaceutical company (name not disclosed) |
| Work | Transient gene expression of a lead antibody, then a cryo-EM study |
| Expected revenue | More than £85,000 |
| Contract basis | Existing master services agreement |
| Expected completion | Within the financial year ending 31 March 2027 |
| Previous work for the client | Humanisation project, announced 28 August 2025 |
| New jobs | Not disclosed |
| FY2026 revenue | £2.1 million (FY2025: £1.97 million) |
| Track record | More than 400 antibodies sequenced and expressed and more than 295 humanisation projects since 2012 (company figures) |
A Queen's University Belfast spin-out on AIM
Fusion was set up in 2001 as a spin-out from Queen's University Belfast, and its shares were admitted to AIM on 18 December 2017. The company says its clients have included eight of the top 10 global pharmaceutical companies by revenue, and it uses its own CDRx platform for antibody humanisation. Its address is in Belfast's BT17 postcode area, and it is part of a Northern Ireland life sciences sector that has drawn other recent investment, such as Millicent Pharma's expansion in Larne. Readers looking for other outsourcing partners can browse our CRO directory, and more company news is in our biotech section. Links between universities, industry and health services in the region are also covered in our report on the Northern Ireland Academic Health Economic Partnership.
Frequently Asked Questions (FAQ)
Q: Who is the US pharmaceutical client?
A: Fusion has not named it. The company describes the client only as a US-based specialty division of a global pharmaceutical company, and says it is the same client for which it completed a humanisation project announced in August 2025.
Q: How much is the contract worth?
A: Fusion expects the project to generate revenue of more than £85,000. It has not disclosed an exact figure or the expected profit.
Q: What is transient gene expression?
A: It is a way of producing a protein, such as an antibody, by introducing its genetic code into cells for a short time. It gives usable amounts of material quickly, without first building a permanent cell line.
Q: Why use cryo-EM on an antibody?
A: Cryogenic electron microscopy can reveal the three-dimensional structure of a protein, including how an antibody attaches to its target. Developers use that information to understand and improve a lead candidate.
Q: Will the contract create jobs in Belfast?
A: The announcement does not mention any new jobs. Fusion employed an average of 24 people in the UK in the year to March 2026.
Conclusion and Outlook
The contract is modest in size, but it fits the direction Fusion has set out: more work from large pharmaceutical groups and more use of its specialist technologies, alongside grant-funded research with Queen's University Belfast. The project should be completed by the end of March 2027, and the company's next financial update will give a view of how its service revenue is developing after the 21% second-half rise reported in September. Further awards from the same client would show whether this relationship can grow beyond single projects. Priya Life Science will report on Fusion's next update.
Sources
- Fusion Antibodies plc, Contract win, RNS, 22 October 2026
- Fusion Antibodies plc, REPLACEMENT: Final Results, RNS, 15 September 2026
- Fusion Antibodies plc, Contract Win, RNS, 27 February 2025
- Alliance News via AJ Bell, Fusion Antibodies picked by 'major' pharma firm for antibody project, October 2025
- Fusion Antibodies, company website
Cover image: a Titan Krios cryogenic electron microscope at the University of Leeds, shown for illustration; it is not the instrument used for this project. Photo by Hiramano92, Wikimedia Commons, licensed under CC BY-SA 4.0, cropped.
