ABC.L Share News (ABC)

(Sharecast News) - Abcam said on Monday that it has agreed to buy California-based BioVision for $340m.
The deal, which is expected to be accretive to earnings from the first full year of ownership after completion, will be funded from existing cash resources and a partial drawdown of Abcam's revolving credit facility.

BioVision, a wholly-owned subsidiary of China's Boai NKY Medical Holdings, is a distributor of life science research tools to biopharma, diagnostic and academic customers. BioVision began supplying Abcam in 2003.

Abcam said its customers' demand for BioVision products has grown consistently over time, with sales more than doubling over the past five years to June 2021.

Abcam CEO Alan Hirzel said: "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.

"BioVision has sustained strong growth over many years and, together with Abcam's brand, reach and capabilities, we are confident we are well positioned to build on this success and reinforce Abcam's ability to serve life scientists globally."