Abcam to acquire biochemicals provider Ascent for $15.9 million; posts strong financials

Protein research tools supplier Abcam (AIM: ABC) says it has entered into an agreement to acquire the entire issued share capital of fellow UK-based Ascent Scientific, a specialist provider of biochemical reagents with international sales.

The total consideration for Ascent Scientific, a privately held company, is £10 million ($15.9 million), of which £6 million is in cash and £4 million in Abcam shares issued at 345.58 pence per share being derived from the rolling 25 day average price terminating three trading days prior to completion.

Founded in 2005, Ascent Scientific has focused on building and marketing a range of high quality biochemicals for use by life science researchers for modulating the function of proteins. It has a diverse and rapidly growing range of over 400 bioactive small molecules, manufactured both in-house and through outsourcing. Headquartered in Bristol, UK, it employs 23 staff globally. In the year ended July 31, 2011 the company had product revenues of £1.4 million and net assets of approximately £0.5 million.