Abcam Plc founder Jonathan Milner is pushing for better performance at the biotechnology supplier he started 25 years ago.
(Bloomberg) — Abcam Plc founder Jonathan Milner is pushing for better performance at the biotechnology supplier he started 25 years ago.
The British scientist and entrepreneur aims to take a more active role in influencing Abcam’s governance, performance and direction, according to a filing Monday, which confirmed an earlier Bloomberg News report.
He’s already held several discussions with the company and is seeking a board seat, according to a person familiar with the matter who asked not to be identified because the information is private.
Milner is one of Cambridge, England-based Abcam’s largest investors with a stake of about 6.4%, the filing showed. This would make him the company’s third-largest stockholder, according to data compiled by Bloomberg.
Shares of Abcam were up 2% in premarket trading. The stock has 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 a comment while Abcam wasn’t available for comment outside business hours.
(Updates with confirmation from regulatory filing starting in first sentence)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.