11th Nov 2015 08:56
LONDON (Alliance News) - Life science research tools supplier Abcam PLC on Wednesday said it has struck a deal to acquire US-based AxioMx Inc for up to USD45.0 million.
Abcam will pay USD20.0 million upfront to buy the company, with a further USD25.0 million due based on AxioMx hitting performance targets.
AxioMx makes a platform to produce recombinant monoclonal antibodies which will complement Abcam's existing production capabilities, the company said. Abcam will be able to offer new tools to its customers working on technically-challenging research areas like infectious disease, toxins, nucleotides and membrane-bound proteins.
"The acquisition of AxioMx is in line with our strategy of acquiring businesses which enable Abcam to increase the supply of high quality products generated from our own innovation, and allows us to respond more quickly to our customers' needs," said Abcam Chief Executive Alan Hirzel.
"This acquisition enhances our ability to serve emerging life science needs and supports our mission to be the most influential and recommended company for life scientists worldwide," he added.
Shares in Abcam were down 0.6% on Wednesday morning to 569.5 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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