NEW YORK — Expedeon announced today that it has agreed to sell its immunology and proteomics businesses to UK-based life science reagents and tools company Abcam for €120 million ($130.0 million) in cash.
The deal comprises Expedeon's core proteomics business, as well as its immunology-focused subsidiaries Innova Biosciences and TGR Biosciences. Following the transaction, Expedeon said it will change its name and focus on its genomics operations, which include the manufacture and supply of DNA for research and therapeutic applications through its Madrid, Spain-based unit. Heidelberg, Germany-based Expedeon will also retain its San Diego-based operations.
Expedeon noted the sale price is double its current market capitalization and more than nine times its consolidated 2018 sales. Last week, Expedeon reported Q3 revenues of €4.1 million, an 11 percent increase year over year.
"The planned sale of this portfolio to Abcam now gives us the opportunity to realize significant value for our company," Expedeon CEO Heikki Lanckriet said in a statement. "Our remaining business will focus on an attractive growth market, and with a strong patent position and expertise in the genomics business, we are well positioned to build a leading DNA manufacturing company."
The deal is subject to Expedeon shareholder approval at a meeting to be held Dec. 19.