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Abcam Buys MitoSciences for $6M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Protein research tools firm Abcam today announced it has completed its $6 million buy of MitoSciences.

Abcam, based in Cambridge, UK, paid $4.2 million in cash and issued $1.8 million of Abcam shares at $397.1 pence per share as part of the deal. The purchase will enhance the range of products available to its customers, Abcam said.

Based in Eugene, Ore., MitoSciences develops mitochondrial antibodies and assays focusing on metabolism and apoptosis. Last year, it won a $590,000 NIH grant to develop companion diagnostic tests for antiviral drugs.

MitoSciences employs 24 people and has a catalog of more than 200 products, Abcam said. In 2010, MitoSciences generated product revenues of $2.1 million and had net assets of $600,000.

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