Abcam raises £200m for US and China expansion led by HSBC
Abcam, which provides research tools to scientists across the planet, has raised £200 million fresh capital to underpin further growth in China and the US. The war chest will also help the UK business fund fresh acquisitions.
The company is growing fast from its new headquarters at the Cambridge Biomedical Campus and HSBC UK acted as agent and joint mandated lead arranger of the funding package.
The bank provided a revolving credit facility to enable Abcam to fulfil its ambitious growth roadmap from its custom-built mother ship in the Cambridge life science and technology hotspot.
The funding comes at an important time for Abcam as it looks to continue its successful global expansion, including in the key markets of the US and China. In particular, the funding provides financial flexibility for Abcam as it looks to supplement its organic growth through attractive corporate transactions.
Abcam produces and supplies high quality biological reagents to life scientists in over 140 countries for basic research, drug discovery and diagnostics.
The company won the inaugural UK-China accolade at the Business Weekly Awards presentations in March.
Gavin Wood, chief financial officer at Abam, said: “This is an exciting time for the life science industry with new research discoveries and breakthroughs leading to more accurate diagnosis, better treatments and improved health outcomes.
“By providing high-quality biological reagents and tools that are crucial to research, drug discovery and diagnostics, Abcam has many opportunities to grow its markets.
“As we look to expand through considered investments and selected acquisitions we are delighted to have HSBC’s backing, global knowledge and experience.”
Jason Smithers, area director for HSBC UK Corporate Banking in Cambridge, added: “Abcam’s capabilities and customer focused strategy are opening growth opportunities in markets of approximately $8 billion.
“Through investment and acquisition, Abcam is expanding into new markets and identifying new technologies that allow it to better serve the needs of its customers globally. This is an exciting time for this entrepreneurial and ambitious company, and we look forward to continuing to assist their global growth.”