Danaher
announced Monday that it agreed to acquire biotech company
Abcam
in a deal valued at $5.7 billion.
Danaher
(ticker: DHR) will acquire all shares outstanding of
Abcam
(ABCM) for $24 a share in cash, the industrial scientific-supplies company said. Abcam’s closing price on Friday was $23.26.
It appeared that Abcam investors weren’t pleased with the premium. American depositary receipts of Abcam were dropping 4.5% to $22.32 on Monday. Shares of Danaher were up 0.9% to $257.70.
Danaher said in a news release that following the acquisition Abcam will continue to run as a stand-alone brand within Danaher’s Life Sciences segment, while mapping complex diseases and accelerating the drug-discovery process.
“Abcam’s long track record of innovation, outstanding product quality and breadth of antibody portfolio positions them as a key partner for the scientific community,” Danaher CEO Rainer Blair said in the news release.
The deal is expected to close in mid-2024, subject to regulatory approvals.
“Following a rigorous process, I’m confident this combination with Danaher maximizes value for shareholders while delivering an excellent outcome for our employees and customers,” Peter Allen, chairman of Abcam, said in a separate news release.
Write to Angela Palumbo at [email protected]
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