14th Sep 2015 06:58
LONDON (Alliance News) - Abzena PLC said Monday that it has acquired San Diego based biopharmaceutical development and manufacturing company PacificGMP for USD7.7 million.
It will settle this consideration from its existing cash resources and warrants over 564,762 shares with a total value of USD700,000. Additionally, it could pay up to 5.1 million shares to PacificGMP executives and key managers depending on the performance of the business over the next two years.
Abzena said the acquisition will add to earnings immediately. PacificGMP produced a net loss of USD100,000 in the year to end-July 2015, on revenue of USD3.0 million.
"PacificGMP provides us with an ideal opportunity to expand our service offering into the high growth biopharmaceutical manufacturing arena and to establish an operational footprint in the US. This acquisition allows us to capture more customer value, provides significant cross-selling opportunities, and is expected to enhance the pace of adoption of Abzena's technologies. We are delighted to welcome PacificGMP and its staff into the Abzena family," said Chief Executive Officer John Burt in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Abzena