NEW YORK – Danaher said on Monday that it has entered into a definitive agreement to acquire protein consumables supplier Abcam for approximately $5.7 billion.
Danaher will acquire all outstanding shares of Abcam for $24 per share in cash. Abcam is expected to operate as a standalone company and brand within Danaher's Life Sciences segment, Danaher said in a statement. The deal is expected to close in mid-2024 and is subject to customary conditions. Danaher said it expects to fund the acquisition with cash on hand and proceeds from the issuance of commercial paper.
Cambridge, UK-based Abcam offers antibodies, reagents, biomarkers, and assays for drug discovery, life sciences research, and diagnostics. According to the firm, which was founded in 1998, its tools and technologies are used by about 750,000 researchers.
The acquisition will further Danaher's "strategy to help map complex diseases and accelerate the drug discovery process," the Washington, D.C.-based conglomerate said.
"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 President and CEO Rainer Blair said in a statement.