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Horizon Discovery Rejects £270M Takeover Offer From Abcam

NEW YORK (GenomeWeb) – UK-based life science reagents and tools company Abcam announced today that it made a takeover offer for Horizon Discovery on April 19 that valued the company at approximately £270 million ($367.4 million). Horizon's board has rejected the offer.

The offer put a value of 181 pence per share on Horizon's stock, representing a premium of approximately 26 percent to Horizon's closing share price of 144 pence on May 1. The deal would have been satisfied by the issue of new shares in Abcam, the firm said.

Horizon declined to comment on the takeover offer.

In a statement, Abcam said it is "executing its vision to be the most influential life science company for researchers worldwide," and that adding Horizon's extensive capabilities in gene editing to Abcam's business would help both firms to "expand their reach and influence globally." Abcam's board is therefore seeking to further engage with Horizon in a "constructive dialogue," the company added.