Sat, 24 Jun 2023 | BUSINESS SALE
Abcam, which provides innovative products and solutions for the life science industry, yesterday announced that it was going to initiate a process to explore strategic alternatives for the company.
Meanwhile, some shareholders are suggesting this is a ploy to derail a proxy bid.
The company statement read, “The comprehensive process will begin immediately and will evaluate a broad range of options to maximise shareholder value, including a potential sale of the Company. “
The company said that it had received strategic enquiries from multiple parties over the past few weeks.
“Our Board is fully aligned in its belief that the best way to maximise value for shareholders is to comprehensively review the Company’s strategic alternatives, including a potential sale of Abcam. We will pursue the pathway that maximises value for our shareholders and also ensures successful outcomes for our customers and employees.”
The board of directors has retained Lazard and Morgan Stanley as financial advisers to assist in the review of strategic alternatives.
As an innovator in reagents and tools, Abcam’s purpose is to serve life science researchers globally to achieve their mission faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays, and other research tools to address important targets in critical biological pathways.
Already a pioneer in data sharing and e-commerce in the life sciences, Abcam’s ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.
Abcam’s worldwide customer base of approximately 750,000 life science researchers’ uses Abcam’s antibodies, reagents, biomarkers, and assays. The company recorded revenue in the 2022 fiscal year of £362 million and its current market capitalisation is over £3 billion.
Founder, shareholder and ex-CEO Jonathan Milner has been outspoken in his view that the company is undervalued, and has proposed that he return to duty as executive Chairman. Milner suggested in a letter to shareholders that the notion of suitors lining up is merely one of many “tactics the entrenched Abcam board and management team have employed since my recent efforts to restore financial and operational performance and maximise value for all shareholders”.
He went on to say: “The company’s claims about ‘strategic enquiries’ are a blatant and desperate attempt to derail a proxy challenge. If you want the company to provide return on your investment through a strategic transaction, you should vote FOR the proposals, not against them.”
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