Abcam plc has announced that it has entered into a definitive agreement to acquire the entire issued share capital of AxioMx, Inc. ("AxioMx") ("Acquisition") on a cash-free/debt-free basis for $20m upfront with further performance-based payments totalling $25m.
These performance payments will be made over five years and are based upon successful completion of commercial and technical milestones. The consideration will be funded from a combination of Abcam's existing cash resources and newly issued shares.
AxioMx, which was founded in 2012 by Dr. Michael Weiner and Christopher McLeod, has 28 employees and is based in Branford, Connecticut, U.S. It has created a powerful and scalable in vitro recombinant monoclonal antibody technology which complements Abcam's existing antibody and immunoassay capabilities by targeting attractive and growing markets that traditional in vivo antibody production methods struggle to address.
In addition to opening new markets, AxioMx's antibody and binder development capabilities mean that high quality antibodies can be produced within weeks, which is significantly faster than in vivo methods.
AxioMx currently provides access to its technology as a service to research institutes as well as diagnostics and therapeutics organizations. As part of the integration with Abcam, AxioMx will be re-focused to develop highly validated recombinant antibodies for inclusion in the Abcam catalogue, combining this technology with our renowned digital platform, brand and customer service capabilities.
The ability to produce highly validated antibodies is a key element of Abcam's strategy to increase the value of its products to the scientific community. After an initial period of investment and production scale up, AxioMx is expected to contribute both to revenue growth and profitability in the next few years.
The Acquisition is expected to close formally by the end of this month.
Alan Hirzel, CEO of Abcam said: "The acquisition of AxioMx is in line with our strategy of acquiring businesses which enable Abcam to increase the supply of high quality products generated from our own innovation, and allows us to respond more quickly to our customers' needs. This acquisition enhances our ability to serve emerging life science needs and supports our mission to be the most influential and recommended company for life scientists worldwide. After an extensive review of alternate scaffold and other in vitro technologies, we are confident that AxioMx has created unique, high quality and economically attractive methods to serve customers in research, diagnostic and drug discovery labs globally. We look forward to working with AxioMx to scale up their production and enhance our product offering."
Christopher McLeod, President and CEO of AxioMx, commented: "Michael Weiner and I founded AxioMx with a vision to revolutionize proteomics by developing technologies to create recombinant antibodies in days. We have made great progress towards this goal, while also developing methods enabling us to generate antibodies against targets that can't be addressed with traditional in vivo technologies. We are excited that our team will be able to utilize their expertise in support of Abcam's mission and to serve its extensive global customer base."