Global science and technology provider Danaher has signed a definitive agreement for the acquisition of all outstanding stakes in UK-based protein consumables supplier Abcam in a deal valued at $5.7bn.
Danaher will finance the transaction by leveraging cash in hand, along with proceeds from the issuing commercial paper.
Abcam was established in 1998 and focuses on delivering antibodies and re-agents to address targets in biological pathways vital for progressing drug development and research in the life sciences sector.
Abcam will operate as a standalone company within the Life Sciences segment of Danaher.
The deal forms part of Danaher’s strategy of tracing complex ailments and expediting approaches to drug discovery.
Danaher president and CEO Rainer Blair stated: “We couldn’t be more excited to have Abcam join Danaher. Abcam’s long track record of innovation, outstanding product quality and breadth of antibody portfolio positions them as a key partner for the scientific community.
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“We look forward to welcoming Abcam’s innovative and talented team to Danaher as we continue to help our customers solve some of the world’s biggest healthcare challenges.”
The deal received unanimous approval and recommendation from the boards of directors of both companies.
The acquisition will be concluded in the middle of 2024.
Abcam CEO Alan Hirzel stated: “Danaher shares our passion to help life science researchers achieve their mission faster and their operating company model allows us to continue to pursue our strategy while harnessing the power of the Danaher Business System to ensure we remain the partner of choice for our customers.”