(Alliance News) - Abcam PLC on Wednesday said it has acquired Marker Gene Technologies Inc for an undisclosed sum, with a large chunk of the US deal funded from a share issue.
Headquartered in Oregon, Marker Gene Technologies supplies reagents and assay kits to researchers in the biotechnology and medical industries.
Abcam did not disclose financial terms of the deal, but did say that "a substantial portion of the consideration for the acquisition" would come from the issue of new Abcam shares.
Abcam has applied to AIM to admit 49,416 new shares, expected to take place around Monday next week. Following this, its share capital will consist of 206.1 million shares. Shares in Abcam were up 0.2% at 1,234.00 pence in London on Wednesday morning. That makes 49,416 shares worth GBP609,793.
Abcam has a market capitalisation of GBP2.54 billion.
The deal, Abcam said, is likely to have only "a minimal impact on revenue and earnings in the current financial year".
"Following the recent acquisition of Expedeon's proteomics and immunology business, and aligned with our broader antibody-conjugation strategy, the acquisition of [Marker Gene Technologies] brings additional proprietary assay development technologies and labelling capabilities to Abcam. MGT's team have expertise in the areas of biology, organic synthesis and fluorescence chemistry and are experienced in the creation of detection tools that enable enhanced understanding of biological processes," Abcam said.
By Anna Farley; firstname.lastname@example.org
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