(Alliance News) - Abcam PLC on Wednesday completed the acquisition of BioVision Inc from 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, the company said. It will additionally create value through portfolio expansion and leverage Abcam's global channels to market, it added.
"We are delighted to have completed this transaction and welcome our new colleagues to Abcam. 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," Abcam Chief Executive Alan Hirzel said.
In August, Abcam said the acquisition is expected to be accretive to adjusted earnings per share from the first full year of ownership.
Abcam shares were up 0.6% to 1,655.00 pence each in London on Wednesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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