Abzena Acquires Biologics CDMO PacificGMP
Abzena plc, a Cambridge-UK-based provider of biopharmaceutical services and technologies, has acquired PacificGMP, a privately held contract biopharmaceutical development and manufacturing company (CDMO) based in San Diego, California.
Abzena is acquiring the entire issued share capital of PacificGMP, including settlement of the non-trading liabilities of PacificGMP at completion, for a cash consideration of $7.7 million from existing cash resources, and warrants over 564,762 Abzena shares with an aggregate value of $0.7 million based on the average price of Abzena shares over the 60 trading days prior to closing. The warrants represent 0.58% of the current issued share capital of Abzena and are exercisable for up to three years from issue at an exercise price of Â£0.80 per share.
A performance-based incentive scheme, which could provide up to a maximum of 5,129,939 Abzena ordinary shares (5.3% of the current issued share capital) to PacificGMP's executives and key managers, depending on the performance of the business over the next two years, has been established.
PacificGMP provides contract process development and manufacture of biopharmaceuticals, including monoclonal antibodies, recombinant proteins, vaccines, and gene therapy and cell therapy products, for a growing international customer base. PacificGMP was founded in 2005 and is a pioneer in the adoption of single-use manufacturing technology, which is increasingly being used to manufacture biopharmaceuticals. Its service offering includes process and analytical development, non-GMP and cGMP manufacturing, and regulatory support. PacificGMP has executed a new lease agreement to expand ira facility in San Diego from 14,000 to 23,400 square feet to provide a total of five manufacturing cleanroom suites, as well as additional analytical and process development laboratories.