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Thursday 09 April, 2020


Issue of Shares

RNS Number : 4447J
09 April 2020




9 April 2020


("Abcam", "the Company" or "the Group")


Issue of Shares


Abcam plc (AIM: ABC), a global leader in the supply of life science research tools, is pleased to announce that it has agreed to raise £110.0 million of equity capital through the issuance of 10.0 million new ordinary shares of 0.2 pence each (the "New Shares") representing 4.85 per cent of the existing issued share capital of the Company, to Durable Capital Partners LP ("Durable Capital Partners"), at an issue price of 1,100 pence per share (the "Share Issuance").


Durable Capital Partners is an investment firm founded in 2019 by Henry Ellenbogen. Prior to founding Durable Capital Partners, Henry spent 18 years at T. Rowe Price, where he was Portfolio Manager of the New Horizons Fund (2010 - March 2019), one of Abcam's largest institutional shareholders.

The proceeds of the Share Issuance will be used to continue to fund Abcam's growth strategy, including the repayment of drawings under the Group's Revolving Credit Facility, the majority of which was used to finance acquisitions worth approximately £120 million in the first half of the year, including the acquisitions of Innova Biosciences Ltd. and TGR BioSciences from Expedeon AG for approximately £102 million.

Application has been made for the New Shares to be admitted to trading on AIM, and admission is expected to take place on 17 April 2020 ("Admission"). Following Admission, the Company's issued share capital will consist of 216,135,750 ordinary shares. The Company does not hold any shares in Treasury. Therefore, following Admission, this figure of 216,135,750 should be used by shareholders as the denominator for the calculation by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Commenting on today's announcement, Alan Hirzel, Chief Executive, said:  

"Today's equity raise provides greater flexibility to invest in the long term growth of our business to support our customers and capture additional market share through organic and inorganic initiatives."


This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation. The person responsible for arranging the release of this announcement on behalf of Abcam plc is Marc Perkins, Company Secretary.


Abcam plc

+44 (0) 1223 696 000

Alan Hirzel, Chief Executive Officer

Michael Baldock, Chief Financial Officer

James Staveley, VP Investor Relations


J.P.Morgan Cazenove - Nominated Adviser & Corporate Broker

+44 (0) 20 7742 4000

James Mitford / Hemant Kapoor


Numis - Joint Corporate Broker

+44 (0) 20 7260 1000

Garry Levin / Duncan Monteith


FTI Consulting

+44 (0) 20 3727 1000

Ben Atwell / Natalie Garland-Collins


This announcement, including any information included or incorporated by reference in this announcement, may contain forward-looking statements (including words such as "believe", "expect", "estimate", "intend", "anticipate" and words of similar meaning) which are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Abcam group. All statements other than statements of historical facts may be forward-looking statements and should not be treated as guarantees of future performance. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of the Abcam group, and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements speak only as at the date of this announcement and accordingly undue reliance should not be placed on such statements. The Abcam group does not assume any obligation to, and does not intend to, revise or update these forward-looking statements, except as required pursuant to applicable law.


This announcement, including any information included or incorporated by reference in this announcement, is for information purposes only and does not constitute or form part of, and should not be construed as, an offer or the solicitation of an offer to subscribe for or purchase securities of the Company. This announcement, including any information included or incorporated by reference in this announcement, is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Japan, South Africa or the United States or any jurisdiction in which it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of applicable securities laws and regulations. Any securities referred to herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. No public offering of the securities referred to in this announcement is being made in the United States or elsewhere.


Any indication in this announcement of the price at which ordinary shares have been bought or sold in the past cannot be relied upon as a guide to future performance. No statement in this announcement is intended as a profit forecast or estimate for any period and no statement in this announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for Abcam, as appropriate, for the current or future years would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for Abcam.


About Abcam plc

As an innovator in reagents and tools, Abcam's purpose is to serve life science researchers globally to achieve their mission, faster. Providing the research and clinical communities with tools and scientific support, the Group offers highly validated biological binders and assays to address important targets in critical biological pathways.

Already a pioneer in data sharing and ecommerce in the life sciences, Abcam's ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health.

Some two-thirds of the world's 750,000 life science researchers use Abcam's antibodies, reagents, biomarkers and assays.   By actively listening to and collaborating with these researchers, the Group continuously advances its portfolio to address their needs. A transparent programme of customer reviews and datasheets, combined with an industry-leading validation initiative, gives researchers increased confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the Company sells to more than 140 countries. Abcam was admitted to AIM in 2005 (AIM: ABC).


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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit

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