Abcam completes acquisition of BioVision

Abcam plc (AIM LSE: ABC; Nasdaq: ABCM), a global leader in the supply of life science research tools, today announces that is has completed its acquisition of BioVision Inc from Boai NKY Medical Holdings Ltd for total consideration of $340m.

The acquisition accelerates execution of Abcam’s strategic growth plan, enhancing in-house innovation and adding scale in the complementary biochemical and cellular assay markets.

Commenting on the completion of the acquisition, Alan Hirzel, CEO of Abcam, said: “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.”

Additional details

As previously announced, the most recently audited results of BioVision for the 12 months ended 31 December 2020, were revenues of $33.8 million (of which approximately 25% were sold to Abcam), operating profit of $12.6 million and Net assets of $21.9 million. Revenues included approximately $5 million of COVID-19 related product sales which are not expected to recur. The Acquisition is expected to be accretive to adjusted earnings per share (EPS) from the first full year of ownership (fiscal year ending December, 2022.)

Further details will be provided at the Company’s full year results presentation in March 2022.

Lazard acted as financial adviser, and Latham & Watkins LLP acted as legal advisor to Abcam in relation to this transaction.

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