Abcam (AIM:ABC) the AIM star deploys its cash pile
The global leader in the supply of life science research tools and one of AIM’s true stars has announced acquisition of US based AxioMx, Inc. the creator of a powerful and scalable in vitro recombinant monoclonal antibody technology. With cash of nearly £60m at year end the AIM group has plenty of fire power to support growth.
AxioMx is being acquired for US$20m upfront with further performance-based payments totalling $25m. The performance payments will be made over five years and are based upon successful completion of commercial and technical milestones. The consideration will be funded from a combination of Abcam’s existing cash resources and newly issued shares. AxioMx, was founded in 2012 by Dr. Michael Weiner and Christopher McLeod, has 28 employees and is based in Branford, Connecticut, U.S. It has created a powerful and scalable in vitro recombinant monoclonal antibody technology which complements Abcam’s existing antibody and immunoassay capabilities by targeting attractive and growing markets that…