Abzena agrees to be taken over by US private equity firm WCAS

16th Aug 2018 10:18

(Sharecast News) - Abzena has agreed to be taken over by US private equity firm WCAS in a £34.4m deal.Under the terms of the deal, Abzena shareholders will be entitled to 16p per share in cash for each of their shares, which represents a premium of around 167% to the closing price on Wednesday and 36% to the average closing price in the three months up to then.Abzena said that about 76.3% of its shareholders back the deal and intend to recommend that shareholders vote in its favour.Chairman Ken Cunningham said: "The board recognises the expertise and successful track record of WCAS in backing businesses in the life sciences services space, including contract research, development and manufacturing organisations like Abzena."We considered several options for future financing including remaining on the public markets. However we believe the Acquisition by WCAS will better meet the needs of Abzena's shareholders, customers and staff alike, and provide a platform for further growth in the coming years."Chief executive John Burt said the deal will provide Abzena with immediate working capital for the business and additional investment."We look forward to working with the WCAS team to continue to capitalise on the growing market opportunity for Abzena," he said.At 0950 BST, the shares were up 150% to 15p.