NEW YORK — Abcam said on Monday that it has agreed to acquire life science research tool firm BioVision for $340 million.
Milpitas, California-based BioVision is a global supplier of products for research, diagnostics, and drug discovery including biochemical and cell-based assays, recombinant proteins, antibodies, and enzymes. According to Abcam, BioVision generated revenues of $33.8 million in 2020, with an operating profit of $12.6 million and net assets of $21.9 million.
"We know the BioVision business well, having been a major distributor of their products since 2003," Abcam CEO Alan Hirzel said in a statement. "This acquisition represents a compelling opportunity to secure a proven portfolio of high-quality products, including a leading portfolio of biochemical and cell-based assay kits, that will allow us to better serve customer needs."
Abcam said it will fund the transaction with its existing cash reserves and a partial drawdown of its revolving credit facility, and that the acquisition will be accretive to adjusted earnings per share in December 2022, the first full year of ownership.
Abcam is purchasing BioVision from its Chinese parent company, Boai NKY Medical Holdings. In conjunction with the transaction, the companies have signed a memorandum of understanding about the formation of a partnership under which Abcam will supply Boai NKY with products and services in support of its in vitro diagnostic development and commercialization efforts.
In early 2020, Abcam acquired the gene editing platform and oncology product portfolio of Applied StemCell for the research and diagnostic markets. A few months later, it picked up life sciences research tools firm Marker Gene Technologies.