ABCAM Plc Acquisition (6925C)
January 21 2015 - 2:02AM
UK Regulatory
TIDMABC
RNS Number : 6925C
ABCAM Plc
21 January 2015
For immediate release 21 January 2015
ABCAM PLC
("Abcam" or "the Company")
Abcam acquires Firefly BioWorks to expand capabilities in
multiplex analysis
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the
supply of life science research tools, today announces that it has
entered into a definitive agreement to acquire the entire issued
share capital of Firefly BioWorks Inc ("Firefly") ("the
Acquisition") on a cash-free/debt-free basis for GBP18.5m ($28.0m).
The consideration, which is payable in cash on completion, will be
funded from Abcam's existing resources [1].
Firefly has developed a novel multiplex assay platform for the
detection of biomarkers, based on a microfabrication technology
developed by the founders at Massachusetts Institute of Technology
and has developed its first product for detection of microRNAs
(miRNAs). Firefly has 15 employees and is based in Cambridge,
Massachusetts.
The Acquisition fits well with Abcam's strategy outlined in
September to establish new growth platforms and supports the
Company's mission to enable scientists to discover more. Firefly
will strengthen Abcam's fast growing Kits and Assays business by
adding an IP-protected, multiplex assay capability. miRNA is one of
the fastest growing areas of biomarker and scientific research and
this type of nucleic acid detection and measurement is rapidly
growing in importance to Abcam's life science consumers. Abcam and
Firefly also see further potential to combine Abcam's proprietary
RabMAb(R) technology with Firefly's assay capability to provide
multiplex protein measurement.
After an initial period of modest investment, Firefly is
expected to generate attractive returns in the longer term.
The Acquisition is expected to close by the end of this
month.
Alan Hirzel, CEO of Abcam commented:
"The acquisition of Firefly represents a compelling strategic
fit for Abcam, expanding our Kits and Assays business into the new
areas where life science researchers tell us they have the greatest
needs. RNA is one of the hottest areas in science for our consumers
and we are excited about the scientific and commercial potential in
what is a new product area for Abcam. We are also delighted to be
working with our new colleagues at Firefly to offer researchers
access to a novel technology that will enable them to assess the
role of miRNA in a broad range of areas including epigenetics and
cancer biomarker discovery, as well as generally across biological
research. We also look forward to combining it with our RabMAb
technology to bring new products to market over the forthcoming
years."
Davide Marini, CEO of Firefly commented:
"Firefly was founded upon the vision of integrating
bioinformatics with intelligent assays and has great cultural
similarities with Abcam. Our combined companies have a tremendous
opportunity to develop novel assay products which will accelerate
the pace of scientific discovery."
[1] This announcement, including any information included or
incorporated by reference in this announcement, may contain
forward-looking statements (including words such as "believe",
"expect", "estimate", "intend", "anticipate" and words of similar
meaning) which are based upon current expectations and assumptions
regarding anticipated developments and other factors affecting the
Abcam group. All statements other than statements of historical
facts may be forward-looking statements and should not be treated
as guarantees of future performance. These forward-looking
statements involve risks and uncertainties, many of which are
beyond the control of the Abcam group, and there are important
factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements.
These forward-looking statements speak only as at the date of this
announcement and accordingly undue reliance should not be placed on
such statements. The Abcam group does not assume any obligation to,
and does not intend to, revise or update these forward-looking
statements, except as required pursuant to applicable law.
For further information please contact:
+ 44 (0) 1223
Abcam 696 000
Alan Hirzel, Chief Executive Officer
Jeff Iliffe, Chief Financial Officer
Laura Taylor - Investor Relations
J.P.Morgan Cazenove - Nominated Adviser & Joint + 44 (0) 20 7742
Corporate Broker 4000
James Mitford / Alex Bruce - Nominated Adviser
+ 44 (0) 20 7418
Peel Hunt LLP - Joint Corporate Broker 8900
Clare Terlouw / Jock Maxwell MacDonald - Corporate
Broking
+44 (0) 20 7404
Brunswick 5959
Justine Mcllroy / Will Medvei / Anna Carruth
Notes to Editors
About Firefly
Firefly offers a platform for solution-phase multiplexed
detection of proteins and nucleic acids. The company's open
platform allows industrial, academic, and clinical scientists to
develop and use multiplexed biological assays on standard
laboratory flow cytometers. Firefly was incorporated in 2009.
About Abcam
Abcam plc is a global leader in the supply of life science
research tools, with a wide range of products and expert technical
support, enabling scientists to analyse living cells at the
molecular level and improving the understanding of health and
disease.
Abcam is committed to providing scientists with an extensive
choice of reagents and tools, with the most comprehensive, honest
and up-to-date datasheets and customer reviews, fast delivery and
helpful customer service & technical support. The Company's
catalogue evolves with scientific research trends and is growing
each year to provide customers with products to meet their research
needs. The range now includes primary and secondary antibodies,
proteins, peptides, lysates, biochemicals, immunoassays and other
kits. Abcam also supports its customers by hosting a range of
global scientific events, forums and webinars, providing
opportunities for scientists to get together and present their
work.
Headquartered in Cambridge, UK, Abcam has nine global subsidiary
offices enabling local services and multi-language support and
sells to over 100 countries. The Company was founded in 1998, and
now employs over 750 people. Abcam was admitted to AIM in 2005
(AIM: ABC).
To find out more, please visit www.abcam.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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