Abzena completes PacificGMP deal

14th Sep 2015 11:43

(ShareCast News) - Life sciences group Abzena has completed the acquisition of biopharmaceutical development and manufacturing company PacificGMP for $7.7m in cash and stock.In a statement released on Monday, the company said the acquisition will be financed by existing cash resources and by the issuance of 564,762 shares for a total value of $700,000.Abzena added it could pay up to $5.1m share to the San Diego-based firm depending on performances over the next two years, indicating it expects the acquisition to have an immediate impact on earnings."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," said group chief executive John Burt."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."Abzena shares were down 1.45% to 68.00p at 1513 BST on Monday.