Search
Close this search box.

Abcam to acquire BioVision for $340m

Life sciences tool provider Abcam plc has entered into a definitive agreement to acquire BioVision, Inc. for $340m.

With BioVision’s acquisition Abcam plc complements its portfolio of research tools to support research, diagnostics, and drug discovery, particularly with biochemical and cell-based assays along with recombinant proteins, antibodies, enzymes, and biochemical compounds.

Acccording to Abcam, the acquisition has the potential to accelerate the company’s strategic ambitions within the adjacent biochemical and cellular assay market and align with existing areas of research focus including oncology, immuno-oncology, neuroscience, and epigenetics.

Under the agreement, Abcam will acquire the entire share capital of Biovision’s holding company, NKY Biotech US, Inc, from NKY, for cash consideration of $340m on a cash free/debt free basis. If approved, the Acquisition is expected to close before the end of 2021 calendar year.

The most recently audited results of BioVision for the 12 months ended 31 December 2020, were revenues of $33.8m, operating profit of $12.6m and net assets of $21.9m. Revenues included approximately $5m of COVID-19 related product sales which are not expected to reoccur.

Concurrent with the acquisition, Abcam and NKY have also entered into a memorandum of understanding regarding the establishment of a collaborative, commercial partnership under which Abcam will develop and supply products and services to NKY in support of their ongoing product development and commercialisation in the IVD field.