As previously announced, the acquisition was structured with an up-front payment of $20m and an additional $25m in performance-based payments, subject to the completion of a number of commercial and technical milestones. Following the successful development of several products by AxioMx, Abcam accelerated payment of the product development milestones in November 2016, whilst benefiting from a reduction in the maximum amount payable to $20.5m.
The final milestones relating to intellectual property and technology development have now been successfully completed in full. In recognition Abcam will pay a total of $5m, of which $3m will be satisfied in cash from Abcam's existing cash resources and $2m by the issue of 173,297 new ordinary 0.2p shares. This final payment of $5m, combined with the previous payments, results in a total consideration of US$40.5m for AxioMx.
Alan Hirzel, CEO of Abcam said: “I am excited by the performance of the AxioMx team and the rapid success we have had in achieving the milestones set out at the time of acquisition. With the completion of these final milestones we continue to scale up and commercialise our recombinant monoclonal antibody platform as we deliver our goal of serving life scientists to achieve their mission faster.”
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For further information please contact:
Abcam
Suzanne Smith, Company Secretary
+ 44 (0) 1223 696 000
J.P.Morgan Cazenove - Nominated Adviser & Corporate Broker
+ 44 (0) 20 7742 4000
James Mitford / Chris Cargill
FTI Consulting
+ 44 (0) 20 3727 1000
Ben Atwell / Brett Pollard / Natalie Garland-Collins
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Abcam makes final performance-based AxioMx milestone payment
18 May 2017
Abcam plc, a global leader in the supply of life science research tools, is delighted to announce that further to its acquisition of AxioMx, Inc. in November 2015 the final performance-related milestones have been successfully achieved.
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