Abingdon Health is pleased to announce the acquisition of Serascience Limited and the completion of group fund-raising of £2.1m from current shareholders. The acquisition represents a further development in Abingdon Health’s strategy to create a leading innovative global diagnostic company.
Serascience was formed in April 2011 through Abingdon Health’s and the University of Birmingham’s joint venture, Bioscience Ventures Limited (BSVL), which develops early stage diagnostics opportunities to the point at which they can be licensed, acquired, or sold as a service. Serascience licensed a portfolio of monoclonal antibodies from the University of Birmingham that include those which are specific for aiding the diagnosis of myeloma and related conditions. Its first product to market will be Seralite®, a near patient diagnostic device for multiple myeloma. The acquisition comes at the point where Serascience is undergoing beta-trials for Seralite® a rapid test for the diagnosis and monitoring of myeloma, and MGUS progression. This market is estimated to be worth over £200m per annum.
This acquisition strengthens Abingdon Health’s position in rapid diagnostic testing. Since Abingdon Health’s formation in 2008 the company has completed a series of selective acquisition and licensing transactions to bring together intellectual property, diagnostic platforms, manufacturing and created a sales and marketing structure. The company continues to look at new opportunities to grow the business and welcomes collaborations from academia and industry...
The full press release can be found at www.abingdonhealth.com/abingdon-health-ltd-acquires-serascience-ltd/