August 02, 2021
Latham & Watkins advised Abcam plc
(Abcam), a global leader in the supply of life science research tools, on its
definitive agreement to acquire BioVision, Inc. (BioVision), a wholly owned
subsidiary of Boai NKY Medical Holdings Ltd. (NKY), for US$340 million.
Completion of the transaction is subject to customary closing conditions.
BioVision is a fast-growing innovator and
distributor of life science research tools to biopharma, diagnostic and
academic customers, with strength in biochemical and cell-based assay kits. The
transaction brings one of Abcam’s large third-party suppliers in-house,
BioVision started supplying Abcam in 2003 and Abcam customers’ demand for
BioVision products has grown consistently over time, with sales more than
doubling over the past five years (to June 2021). Additionally, the acquisition
accelerates Abcam’s strategic execution and focus on in-house innovation and
products in the complementary biochemical and cell-based assay market.
Concurrent with the acquisition of
BioVision, Abcam and NKY have also entered into a memorandum of understanding
regarding the establishment of a strategic collaboration under which Abcam will
develop and supply products and services to NKY in support of their ongoing
product development and commercialisation in the IVD field.
Latham fielded a cross-border team led by
New York partner Kate Withers, Hong Kong partner David Blumental, and London
partner Robbie McLaren, with associates Wayne Yu, Andrew Rondeau, Yujie Zhang,
and Yi Peng, which was supported by specialist partners and lawyers across the
firm’s global platform.