Abcam brings a longtime collaborator in house as part of $340M buyout pact
BioVision has supplied Abcam with research tools since 1999, and now the two are making it official as part of a merger unveiled Monday.
Abcam will buyout BioVision as part of a $340 million acquisition deal to bring aboard the supplier’s biochemical and cell-based assays for biological research, as well as recombinant proteins, antibodies and enzymes.
The deal will give Abcam control of BioVision’s portfolio and allow for both the expansion of research existing areas of focus such as oncology, neuroscience and epigenetics and preparation to expand into new products. As a part of the deal, Abcam will develop and supply products and services to NKY, the previous owner of BioVision and receive support for ongoing development and commercialization of in vitro diagnostic products.
In a conference call with management Monday, Abcam’s CEO Alan Hirzel said that the transaction is right in line with the company’s goals going forward.
“We’re looking forward to seeing the regulatory approvals come through so we can begin to shape and drive the growth from the business in the way that we hope, and we look forward to providing a bit more detail when the market reviews allow us to do so,” he said.
BioVision brought on $33.9 million in revenue in 2020, the company said in a release, and has nearly $22 million in assets and an operating profit of $12.6 million. Of that revenue, $5 million of it comes from Covid-19 related product sales, which are not projected to occur again, the company said again.
Abcam bought the antibody company Epitomics in 2018, and Expedeon AG’s proteomics and immunology activities for $142.5 million in 2019.