(Alliance News) - Abcam PLC on Monday said it has agreed to buy proteomics and immunology businesses of Expedeon AG for EUR120 million on a cash and debt free basis.
The acquisition comprises of Expedeon Ltd, Innova Biosciences Ltd and TGR BioSciences.
The protein research tools distributor said it expects the acquisition to accelerate its "strategic ambition" within the antibody conjugation and labelling market as well as to combine Expedeon and Abcam's technologies to create new products.
Abcam said it will fund the purchase from a drawdown of its revolving credit facility and existing cash resources.
The transaction is, however, subject to approval by Expedeon shareholders at a general meeting to be held on December 19. If approved, the acquisition is expected to close in early 2020, Abcam said.
For 2018, Expedeon's revenue was EUR13.1 million, adjusted earnings before interest, taxes, depreciation, and amortisation was EUR1.0 million and net assets stood at EUR46.5 million.
"Abcam's growth strategy is committed to building out conjugation and assay capabilities. Expedeon's portfolio of products and technology, combined with Abcam's antibody and protein strengths, will put our company in a strong position to address the growing need for antibody conjugation and multiplexing solutions," said Chief Executive Alan Hirzel.
We look forward to taking these innovation capabilities to market to provide a broader array of distinctive products for our customers," Hirzel added.
Abcam shares were trading 0.3% higher in London on Monday at 1,255.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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