Fund-raising to expand services and capabilities
Abzena has announced a placing of £25m gross (issuing 75.8m new shares at 33p) to expand its service offering, capacity and capabilities. This was achieved through an accelerated book build process and should become effective on 24 April following a shareholder resolution. We expect the expansion of its service offering and capacity to move Abzena significantly forward towards profitability. We place our FY18 financial forecasts onwards and valuation under review to assess the full impact, but see this as a significant and positive step.Abzena is providing a range of complementary services and technologies for the selection, development and manufacture of biopharmaceuticals.
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