(Alliance News) - Abcam PLC has completed its EUR120 million acquisition of Expedeon AG's proteomics and immunology businesses, it was reported on Thursday.
The deal was announced November 11 and will see Expedeon change its name to 4basebio AG as it shifts focus towards DNA manufacturing and enzymes for diagnostics. It intends to supply DNA products for use in, for example, gene therapy and gene vaccines.
Of the EUR120 million due to Expedeon, EUR105.6 million will be paid immediately with the other EUR14.4 million held in escrow for another two years.
Expedeon Chief Executive Heikki Lanckriet said: "We are now commencing a new chapter in the company's development with a new name, a new business focus and excellent funding resulting from this transaction. Referring to the four base building blocks of all genetic material, the new company name 4basebio reflects our new DNA-based business focus. We will also continue with our successful buy and build strategy."
By Anna Farley; annafarley@alliancenews.com
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