Abcam, which sells biological reagents and tools for research, drug discovery, and diagnostics, raised $157 million by offering 8.9 million ADSs at $17.50, below the as-converted last close of $18.06 for its shares trading on the AIM (ABC). At pricing, the company raised 6% more in proceeds than anticipated and commands a fully diluted market value of $4.0 billion.
Abcam identifies, develops, and distributes reagents and tools for life science research. Its product offerings include a portfolio of antibodies and related protein research tools. Its customers are primarily scientists and researchers in academic institutions, research institutes, and pharmaceutical, biotechnology, and diagnostics companies. The company operates across 15 locations around the world.
Abcam plans to list on the Nasdaq under the symbol ABCM. Morgan Stanley, BofA Securities and SVB Leerink acted as joint bookrunners on the deal.
