Expedeon sells immunology and proteomics businesses to Abcam
Expedeon AG (Heidelberg, Germany) signed an agreement with Abcam plc (Cambridge, UK) to sell its immunology and proteomics businesses for EUR 120 million. The sale is subject to shareholder approval at an extraordinary general meeting on December 19, 2019. A team led by Dr. Thorsten Kuthe, Partner at Heuking Kühn Lüer Wojtek, advised Expedeon on the sale relating to aspects of German law including an extraordinary shareholders’ meeting.
All shares in the subsidiary Expedeon Holdings Ltd. (Cambridge, UK) will be sold and transferred, together with its subsidiaries Expedeon Ltd. (Cambridge, UK), focusing on the proteomics business, as well as Innova Biosciences Ltd. (Cambridge, UK) and TGR BioSciences Pty Ltd. (Thebarton, Australia), both specializing in immunology. A fourth subsidiary of Expedeon Holdings Ltd., Expedeon Inc. (San Diego, California, USA) will be transferred to Expedeon AG prior to the sale. Abcam Inc. (Cambridge, Massachusetts, USA) acquires individual assets of that subsidiary as part of an asset deal
The sold business units represent more than 80% of the operating assets of the former Expedeon group and some 90% of its revenue. 25 of the previously about 100 employees will be retained. Expedeon intends to use the proceeds from the sale to continue its growth, buy & build strategy in the remaining genomics business. In the future, the company will concentrate on DNA production and the establishment of GMP-certified manufacturing facilities. It will also be renamed to “4basebio AG.”
Expedeon AG offers innovative technologies, products, and services for the medical field and patient care, which are used in research laboratories worldwide. The company’s applications cover all workflows in genomics, proteomics, and immunology. Expedeon distributes its products through direct sales and distribution partners in Europe, the USA, and Asia and has subsidiaries in Germany, Spain, Great Britain, the USA, and Singapore.
Abcam develops biological reagents and tools that are essential in many areas such as drug development, diagnostics, and basic research. The company employs more than 1,100 people at eleven sites worldwide.
Counsel to Expedeon AG
Heuking Kühn Lüer Wojtek:
Dr. Thorsten Kuthe
Dr. Gero Lingen(all Cologne)
Dr. Patrick Müller (Düsseldorf)
(all Stock Corporation Law and Capital Markets)
Dr. Marc Scheunemann (Düsseldorf)(Tax)
DWF Law (London)
(M&A under UK law)