A Cambridge MedTech has been acquired for £4.5 billion following a battle for control in the boardroom.
Abcam plc initiated a strategic review in June after founder Jonathan Milner had tried and failed to seize back control of the company, listed on New York’s Nasdaq exchange since 2020, which he founded in 1998. Milner, who served as CEO until 2014, had sought to be appointed executive chairman.
Abcam offers the scientific community highly validated antibodies, reagents, biomarkers and assays to address targets in biological pathways that are critical for advancing drug discovery, life sciences research and diagnostics.
The company’s technologies are used by approximately 750,000 researchers. Its Q1 2023 revenue is expected to be £100m.
Nasdaq-listed tech conglomerate Danaher, headquartered in Washington DC, has agreed to acquire the company for $24 per share. Abcam’s closing share price on Tuesday was $22.67 while its price at admission in 2020 was $18.90.
The transaction, unanimously approved and recommended by the Abcam board of directors and unanimously approved by the Danaher board of directors, follows strategic inquiries from more than 20 potential acquirers.
Abcam is expected to operate as a standalone operating company and brand within Danaher’s life sciences segment, furthering Danaher’s strategy to help map complex diseases and accelerate the drug discovery process.
Danaher has a market value of $190bn.
“Our strategy has transformed Abcam to become a scale innovator and important catalyst in the global life science community,” said Abcam CEO Alan Hirzel.
“Danaher shares our passion to help life science researchers achieve their mission faster and their operating company model allows us to continue to pursue our strategy, while harnessing the power of the Danaher Business System to ensure we remain the partner of choice for our customers.”
Rainer M. Blair, president and CEO at Danaher, said: “We couldn’t be more excited to have Abcam join Danaher. Abcam’s long track record of innovation, outstanding product quality and breadth of antibody portfolio positions them as a key partner for the scientific community.
“We look forward to welcoming Abcam’s innovative and talented team to Danaher as we continue to help our customers solve some of the world’s biggest healthcare challenges.”