CambridgeUK,21January,2015:Abcamplc,agloballeaderinthesupplyoflifescienceresearchtools,todayannouncesthatithasenteredintoadefinitiveagreementtoacquiretheentireissuedsharecapitalofFireflyBioWorksInc("Firefly")(“theAcquisition”)onacash-free/debt-freebasisfor£18.5m($28.0m).Theconsideration,whichispayableincashoncompletion,willbefundedfromAbcam’sexistingresources[1].
FireflyhasdevelopedanovelmultiplexassayplatformforthedetectionofbioMarkers,basedonamicrofabricationtechnologydevelopedbythefoundersatMassachusettsInstituteofTechnologyandhasdevelopeditsfirstproductfordetectionofmicroRNAs(miRNAs).Fireflyhas15employeesandisbasedinCambridge,Massachusetts.
TheAcquisitionfitswellwithAbcam’sstrategyoutlinedinSeptembertoestablishnewgrowthplatformsandsupportstheCompanysmissiontoenablescientiststodiscovermore.FireflywillstrengthenAbcam’sfastgrowingKitsandAssaysbusinessbyaddinganIP-protected,multiplexassaycapability.miRNAisoneofthefastestgrowingareasofbiomarkerandscientificresearchandthistypeofnucleicaciddetectionandmeasurementisrapidlygrowinginimportancetoAbcam’slifescienceconsumers.AbcamandFireflyalsoseefurtherpotentialtocombineAbcam’sproprietaryRabMAb®technologywithFirefly’sassaycapabilitytoprovidemultiplexproteinmeasurement.
Afteraninitialperiodofmodestinvestment,Fireflyisexpectedtogenerateattractivereturnsinthelongerterm.
AlanHirzel,CEO,Abcam,commented:
“TheacquisitionofFireflyrepresentsacompellingstrategicfitforAbcam,expandingourKitsandAssaysbusinessintothenewareaswherelifescienceresearcherstellustheyhavethegreatestneeds.RNAisoneofthehottestareasinscienceforourconsumersandweareexcitedaboutthescientificandcommercialpotentialinwhatisanewproductareaforAbcam.WearealsodelightedtobeworkingwithournewcolleaguesatFireflytoofferresearchersaccesstoanoveltechnologythatwillenablethemtoassesstheroleofmiRNAinabroadrangeofareasincludingepigeneticsandcancerbiomarkerdiscovery,aswellasgenerallyacrossbiologicalresearch.WealsolookforwardtocombiningitwithourRabMAbtechnologytobringnewproductstomarketovertheforthcomingyears.”
DavideMarini,CEOofFireflycommented:
“FireflywasfoundeduponthevisionofintegratingbioinformaticswithintelligentassaysandhasgreatculturalsimilaritieswithAbcam.Ourcombinedcompanieshaveatremendousopportunitytodevelopnovelassayproductswhichwillacceleratethepaceofscientificdiscovery.”
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[1]Thisannouncement,includinganyinformationincludedorincorporatedbyreferenceinthisannouncement,maycontainforward-lookingstatements(includingwordssuchas"believe","expect","estimate","intend","anticipate"andwordsofsimilarmeaning)whicharebaseduponcurrentexpectationsandassumptionsregardinganticipateddevelopmentsandotherfactorsaffectingtheAbcamgroup.Allstatementsotherthanstatementsofhistoricalfactsmaybeforward-lookingstatementsandshouldnotbetreatedasguaranteesoffutureperformance.Theseforward-lookingstatementsinvolverisksanduncertainties,manyofwhicharebeyondthecontroloftheAbcamgroup,andthereareimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbytheseforward-lookingstatements.Theseforward-lookingstatementsspeakonlyasatthedateofthisannouncementandaccordinglyunduerelianceshouldnotbeplacedonsuchstatements.TheAbcamgroupdoesnotassumeanyobligationto,anddoesnotintendto,reviseorupdatetheseforward-lookingstatements,exceptasrequiredpursuanttoapplicablelaw.
Forfurtherinformationpleasecontact:
Abcam+44(0)1223696000
AlanHirzel,ChiefExecutiveOfficer
JeffIliffe,ChiefFinancialOfficer
LauraTaylor–InvestorRelations
J.P.MorganCazenove-NominatedAdviser&JointCorporateBroker+44(0)2077424000
JamesMitford/AlexBruce-NominatedAdviser
PeelHuntLLP-JointCorporateBroker+44(0)2074188900
ClareTerlouw/JockMaxwellMacDonald–CorporateBroking
Brunswick+44(0)2074045959