Abcam extends product development with acquisition

Protein research company Abcam has made a US acquisition with the purchase of a 100 per cent stake in MitoSciences for $6 million (£3.7 million).

The deal for MitoSciences, a business which provides mitochondrial research tools relating to cancer and metabolic disorder study, is to be paid using $4.2 million in cash and $1.8 million of Abcam shares.

Cambridgeshire-headquartered Abcam produces antibodies that are used by scientists to study living cells at the molecular level.

CEO of Abcam, Jonathan Milner, comments: ‘This kind of acquisition adds value for our business and customers, and we will continue to appraise new acquisition opportunities as they arise.

‘The combined companies will be the market leader in mitochondrial research and will extend our in-house manufacturing and product development capabilities.’

AIM-listed Abcam says the company’s ambition is to be the leading provider of protein research and detection tools globally.

US-based MitoSciences had reported revenues of $2.1 million and net assets of £400,000 for the year ending 31 December 2010.

The purchase is the first for Abcam since its 2007 acquisition of distribution rights for two companies product portfolio of research antibodies.

Todd Cardy

Todd Cardy

Todd was Editor of between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.