Abcam PLC, a multinational biotech firm headquartered in Cambridge, England, bought MitoSciences, a Eugene biotech company.
Abcam PLC, a multinational biotech firm headquartered in Cambridge, England, bought MitoSciences, a Eugene biotech company.
MitoSciences is a spinoff from University of Oregon research, and was sold for $6 million.
The deal gives MitoSciences access to the larger company’s huge catalog of raw materials for biological research and drug development.
Perhaps more importantly, it also allows MitoSciences to benefit from Abcam’s significant marketing program, which frees the Eugene firm to concentrate on research and manufacturing. John Audette, general manager of MitoSciences, said the deal will allow the company to grow more quickly than it could have done on its own.
“It’s a great thing for the Eugene business community,” he said. “We’ll just be able to grow faster than we’d be able to do under our own steam.”
MitoSciences currently employs 23 people at its Eugene office and is looking to quickly hire two more. More hiring may come, and Abcam may move some existing employees to Eugene, Audette said.
Read more at The Register-Guard.
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