(Sharecast News) - Science research tools company Abcam announced on Wednesday that it has completed its acquisition of BioVision from Boai NKY Medical Holdings, for total consideration of $340m.
The AIM-traded firm said the acquisition would accelerate the execution of its strategic growth plan, enhancing in-house innovation and adding scale in the complementary biochemical and cellular assay markets.
It said the most-recently audited results of BioVision for the 12 months ended 31 December included revenues of $338m, of which around 25% were sold to Abcam, as well as operating profit of $12.6m and net assets of $21.9m.
Revenues included around $5m of Covid-19-related product sales, which were not expected to recur.
The acquisition was expected to be accretive to adjusted earnings per share from the first full year of ownership, being the financial year ending December 2022.
"We are delighted to have completed this transaction and welcome our new colleagues to Abcam," said chief executive officer Alan Hirzel.
"Bringing BioVision's product portfolio and capabilities into Abcam, particularly its strengths in biochemical and cell-based assays, will further enhance our ability to support life scientists globally."
At 0831 BST, shares in Abcam were up 0.61% at 1,655p.
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