Update: Rapid M&A and pipeline progress
Abzena’s acquisition of PacificGMP in September for £5.5m and recent purchase of TCRS for £10m significantly enhances its technology and services offering, particularly GMP manufacturing capacity. The deals are immediately accretive to the group on an EBITDA basis, with full impact on revenues and EBIT margins expected in FY17. To fund the TCRS acquisition, the company completed a £20m (net) share placement. The Abzena inside antibody clinical pipeline has increased to 10, with two new products in Phase I studies. Our fair value increases from £105m to £130m, although due to the increased share count (+38.6m shares for placing and TCRS deal) our per share value is lowered from 108p to 95p.Abzena is providing a range of complementary services and technologies for the selection, development and manufacture of biopharmaceuticals.
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