Abcam agrees AxioMx takeover

Protein research tools producer Abcam has reached an agreement to acquire monoclonal antibodies producer AxioMx in a deal worth up to $45m (£29.7m).

The London-listed company said it will pay $20m upfront for AxioMx, with a further $25m due based on the US-based company achieve certain performance milestones.

Abcam said the deal will complement and enhance its production capabilities, adding it will offer new tools to its customers working on research areas focusing on technically-challenging topics fields such as toxins and infectious diseases.

"The acquisition of AxioMx is in line with our strategy of acquiring businesses which enable Abcam to increase the supply of high quality products generated from our own innovation, and allows us to respond more quickly to our customers' needs," said group chief executive Alan Hirzel.

Abcam shares were up 0.87% to 578.00p at 1445 GMT on Wednesday.