Abzena buys privately-held PacificGMP for $7.7 million cash

UK-based Abzena (AIM: ABZA) on Monday said it has acquired privately held US company PacificGMP for $7.7 million in cash to expand its portfolio and add to its service revenue.

The company expects the deal to immediately add to its earnings. The deal provides Abzena an operational base in the USA, the company said in a statement, and will also help further expansion of the company via additional complementary acquisitions.

John Burt, chief executive of Abzena, said: “PacificGMP provides us with an ideal opportunity to expand our service offering into the high growth biopharmaceutical manufacturing arena and to establish an operational footprint in the US. This acquisition allows us to capture more customer value, provides significant cross-selling opportunities, and is expected to enhance the pace of adoption of Abzena’s technologies.”