Abcam Acquires Firefly BioWorks
Abcam plc announced that it has entered into a definitive agreement to acquire the entire issued share capital of Firefly BioWorks Inc on a cash-free/debt-free basis for £18.5m ($28.0m). The consideration, which is payable in cash on completion, will be funded from Abcam's existing resources.
Firefly has developed a novel multiplex assay platform for the detection of biomarkers, based on a microfabrication technology developed by the founders at Massachusetts Institute of Technology and has developed its first product for detection of microRNAs (miRNAs). Firefly has 15 employees and is based in Cambridge, Massachusetts.
The Acquisition fits well with Abcam's strategy outlined in September to establish new growth platforms and supports the Company's mission to enable scientists to discover more. Firefly will strengthen Abcam's fast growing Kits and assays business by adding an IP-protected, multiplex assay capability. miRNA is one of the fastest growing areas of biomarker and scientific research and this type of nucleic acid detection and measurement is rapidly growing in importance to Abcam's life science consumers. Abcam and Firefly also see further potential to combine Abcam's proprietary RabMAb® technology with Firefly's assay capability to provide multiplex protein measurement.
The Acquisition is expected to close by the end of this month.
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