ABCAM PLC Acquisition of specialist provider of biochemicals
Abcam plc, a global leader in the supply of protein research tools, is pleased to announce it has entered into an agreement to acquire the entire issued share capital of UK-based Ascent Scientific Ltd ("Ascent Scientific"), a specialist provider of biochemical reagents with international sales.
The total consideration for Ascent Scientific, a privately held company, is £10 million, which is being settled by way of a consideration of £6 millionin cash and £4 million in Abcam shares issued at 345.58 pence per share being derived from the rolling 25 day average price terminating three trading days prior to completion.
Founded in 2005, Ascent Scientific has focused on building and marketing a range of high quality biochemicals for use by life science researchers for modulating the function of proteins. It has a diverse and rapidly growing range of over 400 bioactive small molecules, manufactured both in-house and through outsourcing. Headquartered in Bristol, UK, it employs 23 staff globally. In the year ended 31st July 2011 the company had product revenues of £1.4 million and net assets of approximately £0.5 million.
This acquisition extends Abcam's product portfolio into specialist small molecules and is in line with the Company's vision of becoming the world's leading supplier of protein research tools.
Commenting on today's announcement Jonathan Milner, Abcam's Chief Executive Officer, said:
"Ascent Scientific has built an excellent reputation as a provider of high quality biochemical productsand has been quick to bring new, best-in-class reagents to market backed by specialist technical support,which is very much in line with Abcam's ethos. Many Abcam customers are already using bioactive small molecules in their research so Ascent Scientific's range of reagents is a great complement to our existing catalogue of protein research tools.
"By becoming part of Abcam, Ascent Scientific will benefit from our proven eCommerce model and global market reach. I look forward to welcoming its talented employees into the Abcam team and making its existing and pipeline products available to our customers."