(Alliance News) - Abcam PLC on Thursday said it has will raise GBP110 million through the issue of 10.0 million shares at 1,100 pence each to investment firm Durable Capital Partners LP.
Shares in the protein research tools producer closed 1.5% lower at 1,084p each on Thursday in London.
Abcam said the funds will be used to fund growth and repay drawn amounts under its revolving credit facility
"Today's equity raise provides greater flexibility to invest in the long term growth of our business to support our customers and capture additional market share through organic and inorganic initiatives," said Chief Executive Alan Hirzel.
The company said the new shares represent around 4.9% of its existing issued share capital. Following admission, Abcam's issued share capital will comprise 216.1 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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