The private equity group Welsh, Carson, Anderson & Stowe (WCAS) is to acquire Abzena Plc, a service company based in Cambridge UK, that has built up an international business in antibody discovery and chemistry services with subsidiaries in two locations in the US.
The acquisition values Abzena at 16 pence per share or approximately £34.4 million, which is more than double the closing price of the company’s shares on the AIM market in London on 15 August. The price is about 1.5 times the company’s revenue of £22 million in the fiscal year ended 31 March 2018.