ABCAM Plc Final Performance-Based AxioMx Milestone Payment (4763F)
May 18 2017 - 2:00AM
UK Regulatory
TIDMABC
RNS Number : 4763F
ABCAM Plc
18 May 2017
For immediate release 18 May 2017
ABCAM PLC
("Abcam" or "the Company")
Abcam Makes Final Performance-Based AxioMx Milestone Payment
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the
supply of life science research tools, is delighted to announce
that further to its acquisition of AxioMx, Inc. ("AxioMx") in
November 2015 the final performance-related milestones have been
successfully achieved.
As previously announced, the acquisition was structured with an
up-front payment of $20.0m and an additional $25.0m 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 $5.0m, of which
$3.0m will be satisfied in cash from Abcam's existing cash
resources and $2.0m by the issue of 173,297 new ordinary 0.2p
shares. This final payment of $5.0m, 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."
For further information please contact:
Abcam
+ 44 (0) 1223
Suzanne Smith, Company Secretary 696 000
J.P.Morgan Cazenove - Nominated + 44 (0) 20
Adviser & Corporate Broker 7742 4000
James Mitford / Chris Cargill
+ 44 (0) 20
FTI Consulting 3727 1000
Ben Atwell / Brett Pollard / Natalie
Garland-Collins
Notes to Editors
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission,
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
biological binders and assays to address important targets in
critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health. Two-thirds of the world's 750,000 life science
researchers use Abcam's affinity binders, reagents, biomarkers and
assays and the Company's products are mentioned in over 20,000 of
the 56,000 peer-reviewed papers published each year in the life
sciences.
By actively listening to and collaborating with researchers, the
Company continuously advances its portfolio to address their needs.
A transparent programme of customer reviews and datasheets,
combined with an industry-leading validation initiative, gives
researchers increased confidence in their results.
Abcam's ten offices are located in the world's leading life
science research hubs, enabling local services and multi-language
support. Founded in 1998 and headquartered in Cambridge, UK, the
Company sells to more than 100 countries. Abcam was admitted to AIM
in 2005 (AIM: ABC).
To find out more, please visit www.abcam.com and
www.abcamplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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