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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:
Suzanne Smith, Company Secretary
+ 44 (0) 1223 696 000
J.P.Morgan Cazenove - Nominated Adviser & Corporate Broker
+ 44 (0) 20 7742 4000
James Mitford / Chris Cargill
+ 44 (0) 20 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