Expedeon has agreed to sell its immunology and proteomics businesses to UK-based life science reagents and tools company Abcam for US$130 million in cash.
The deal com- prises Expedeon’s core proteo- mics business, as well as its im- munology-focused subsidiaries, Innova Biosciences and TGR Biosciences.
Following the transaction, Expedeon said it will change its name and focus on its genomics operations, which include the manu- facture and supply of DNA for research and therapeutic applications through its Madrid, Spain-based unit.
Heidelberg, Germany-based Expedeon will also retain its San Diego-based operations.
Expedeon noted the sale price is double its current market capitalization and more than nine times its consolidated 2018 sales.