Abcam buys Expedeon’s immunology business

“This purchase price is equivalent to twice Expedeon’s current market capitalisation or excess of 9-times 2018 annual group revenue,” the company said in a statement. The agreement covers the sale and transfer of all shares in Expedeon subsidiary Expedeon Holdings Limited, which is organised in three divisions: the proteomics-focused Expedeon Ltd. and the two immunology-focused subdivisions, Innova Biosciences Ltd. and TGR BioSciences Pty Ltd. After transfering the nonelectrophoretic instrument assets to Abcam, Expedeon Inc will be transferred from the Expedeon Holding Ltd. prior to the sale to become part of the Heidelberg-based parent company Expedeon AG.

New orientation

Following the transaction, Expedeon AG is planning to change its corporate name and branding. The company’s future activities will include DNA manufacturing and establishing GMP certified facilities to supply DNA products for research, therapeutic and other uses requiring large amounts of high purity DNA, such the fast growing market of novel gene therapies. “The remaining business will focus on new attractive growth markets”, said Heikki Lanckriet, CEO of Expedeon AG. “We are determined to build a leading DNA manufacturing firm taking a novel, cell-free approach that offers significant advantages over the classic fermenter-based method and unlocks a growing market in the gene therapy field. The gross proceeds from the transaction with Abcam will provide us with the necessary financial resources for this strategy.”

Abcam, Cambridge-based producer, distributor and seller of high quality protein research tools, said the acquisition would accelerate the company’s strategic ambition within the complementary antibody conjugation and protein labelling market, where there is high customer overlap. Also, it would allow Abcam to combine Expedeon and Abcam’s technologies to create new value-added products to support customer needs.

“Abcam's growth strategy is committed to building out conjugation and assay capabilities,” said Abcam CEO Alan Hirzel. “Expedeon's portfolio of products and technology, combined with Abcam's antibody and protein strengths, will put our company in a strong position to address the growing need for antibody conjugation and multiplexing solutions. We look forward to taking these innovation capabilities to market to provide a broader array of distinctive products for our customers.”

The deal is subject to approval by Expedeon shareholders.