Abcam Plc founder Jonathan Milner is pushing for better performance at the biotechnology supplier he started 25 years ago, a person with knowledge of the matter said.
(Bloomberg) — Abcam Plc founder Jonathan Milner is pushing for better performance at the biotechnology supplier he started 25 years ago, a person with knowledge of the matter said.
The British scientist and entrepreneur aims to take a more active role in influencing Abcam’s corporate agenda and governance to boost shareholder returns, the person said, asking not to be identified because the information is private. He’s already held several discussions with the company and is seeking a board seat, according to the person.
Milner is one of Cambridge, England-based Abcam’s largest shareholders with a stake of more than 6%, data compiled by Bloomberg show. He’s set to reveal in a US regulatory filing this week that he’s now classifying himself as an active investor, the person said.
Shares of Abcam have gained 4.7% in New York trading this year, giving the company a market capitalization of $3.7 billion, while the benchmark Nasdaq Composite Index has gained 17% during the period. Abcam was valued at around $5.5 billion at its peak in February 2021.
Abcam is sometimes referred to as the “Amazon of antibodies.” It runs an online store selling a variety of protein research tools to life scientists, ranging from reagents and cellular assays to enzymes and imaging products.
Milner founded Abcam in 1998, helped grow the company through its 2005 initial public offering and served as chief executive officer until 2014. He then became deputy chairman, before eventually stepping down from the board in October 2020. He has since focused on investing in early-stage life sciences companies and other high-tech startups in the UK.
Abcam, which first listed on London’s AIM market, has been trading on the Nasdaq since 2020 and dropped its UK listing last year.
A representative for Milner didn’t provide an immediate comment while Abcam wasn’t available for comment outside business hours.
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