May 2, 2018 / 1:45 PM / a year ago

Abcam pursuing Horizon Discovery after $370-million offer rejected

LONDON, May 2 (Reuters) - Biotech company Abcam said a 270 million pound ($368 million) takeover approach to British firm Horizon Discovery had been rebuffed, adding it was going public to try to force Horizon’s management to open talks.

Abcam said that combining Horizon Discovery’s capabilities in gene editing with its products would allow both companies to extend their reach and influence globally, in the latest deal to hit the red-hot pharmaceutical sector.

Abcam, which makes antibodies, proteins and other products for researchers, said its possible share offer, valued at 181 pence a share, represented a 26 percent premium to Horizon’s closing price on May 1.

Shares in Horizon Discovery jumped 30 percent to 187.5 pence after Abcam made public its offer on Wednesday.

$1 = 0.7330 pounds Reporting by Paul Sandle; editing by Kate Holton

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