Date: 2011-05-24
Type of information: Company acquisition
Acquired company: MitoSciences (USA)
Acquiring company: Abcam (UK)
Amount: $6.0 million (£3.7 million - €4.25 million)
Terms: The total consideration for MitoSciences Inc., a privately held company, is $6.0 million (£3.7 million - €4.25 million), which is being settled by way of a cash consideration of US$4.2 million (£2.6 million) and US$1.8 million (£1.1 million) of Abcam shares issued at 397.1p being the rolling five day average price terminating three days prior to completion.
Details: Abcam plc, a global leader in the supply of protein research and detection tools, has completed the acquisition of the entire issued share capital of MitoSciences Inc. a leading provider of mitochondrial research tools based in the USA. Headquartered in Eugene, Oregon, MitoSciences Inc. began operations seven years ago and currently employs 24 staff. With a catalogue of more than 200 products, it is recognised as one of the leading providers of mitochondrial research tools focusing on areas of metabolism and apoptosis.
The acquisition of MitoSciences Inc. supports Abcam's strategy of becoming the global leader in protein research and detection and will serve to enhance the exceptional range of protein research tools available to new and existing customers. The combined entity will be the market leader in mitochondrial research and will extend Abcam’s manufacturing and product development capability, particularly in the exciting area of assay development.
Related: Mitochondrial research tools
Protein research and detection
