Ascent Scientific, a specialist provider of biochemical reagents which has a production and analytical facility in Bristol, has been acquired by fast-growing firm Abcam for £10m.
The deal comprises an initial cash payment of £6m and £4m in Abcam shares which will be issued at 345.58 pence per share.
Abcam, based in Cambridge, describes itself as "on a mission…to build the largest online catalog of the best antibodies in the world".
It says the acquisition will extend its product portfolio into small molecules as it moves towards becoming the "world's leading supplier of protein research tools".
Ascent has a diverse and rapidly-growing range of more than 400 bioactive small molecules, manufactured both in-house and through outsourcing.
These will be integrated into Abcam's website and available through authorised distributors by early 2012.
Abcam chief executive Jonathan Milner said: "Ascent Scientific has built an excellent reputation as a provider of high-quality biochemical products and has been quick to bring new, best-in-class reagents to market backed by specialist technical support, which is very much in line with Abcam's ethos.
“Many Abcam customers are already using bioactive small molecules in their research so Ascent Scientific’s range of reagents is a great complement to our existing catalogue of protein research tools.
"By becoming part of Abcam, Ascent Scientific will benefit from our proven e-commerce model and global market reach. I look forward to welcoming its talented employees into the Abcam team and making its existing and pipeline products available to our customers."
Ascent, which had product revenues of £1.4m and net assets of around half a million pounds, was founded in 2005 with the mission of progressing scientific research by providing high-quality products supported by expert customer support. It has 23 staff in Bristol and around the world."
