August 2, 2021 -- Custom antibody developer Abcam plans to purchase biotechnology firm BioVision for $340 million.
BioVision is a subsidiary of Boai NKY Medical Holdings (NKY). It develops and distributes biochemical and cell-based assay kits to biopharma, diagnostic, and academic clients. The two firms began a supply relationship in 2003. With the purchase, Abcam will bring one of its largest third-party suppliers into the fold, it said. Along with the purchase, Abcam has signed a memorandum of understanding with NKY to establish a commercial partnership.
In 2020, BioVision posted revenues of $33.8 million, an operating profit of $12.6 million, and net assets of $21.9 million, Abcam said.
The acquisition will help Abcam expand into the biochemical and cell-based assay market and deepen its research into oncology, immuno-oncology, neuroscience, and epigenetics. Abcam plans to fund the purchase from its existing cash stores, it said. The deal is subject to regulatory clearance.
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