(Alliance News) - Abcam PLC on Monday said it acquired BioVision, a wholly-owned subsidiary of Boai NKY Medical Holdings Ltd, for USD340 million.
Cambridge, England-based Abcam is a life science research firm. BioVision is a distributor of life science research tools to biopharma, diagnostic and academic customers.
The acquisition accelerates Abcam's strategic focus in the market for products in the complementary biochemical and cell-based assay market. It also will create value through portfolio expansion and leverage Abcam's global channels to market, the firm said.
The acquisition is expected to be accretive to adjusted earnings per share from the first full year of ownership.
"This acquisition represents a compelling opportunity to secure a proven portfolio of high-quality products, including a leading portfolio of biochemical and cell-based assay kits, that will allow us to better serve customer needs," said Chief Executive Alan Hirzel.
Shares in Abcam were up 0.9% to 1,370.00 pence each in London on Monday morning.
By Amrit Sahota; newsroom@alliancenews.com
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