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Abzena set to bow out after agreeing £34mln deal with leading private equity house

Published: 07:40 16 Aug 2018 BST

woman in lab coat in lab
Abzena is building an impressive drug research and manufacturing group

Abzena plc (LON:ABZA) has agreed to be taken over by the world’s largest healthcare-focused private equity house in a deal worth £34.4mln.

WCAS, which since 1979 has invested US$9bn in 90 companies, is offering 16p a share – a 167% premium to Wednesday’s closing price.

READ: Abzena technology used to enhance Faron Pharma's cancer drug

Investors speaking for around 76% of the company’s shares have said they are behind the deal.

Abzena 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."

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