UK entrepreneur Jonathan Milner is ramping up pressure on Abcam Plc to give him a board seat, as he seeks to improve performance at the biotechnology supplier he started 25 years ago.
(Bloomberg) — UK entrepreneur Jonathan Milner is ramping up pressure on Abcam Plc to give him a board seat, as he seeks to improve performance at the biotechnology supplier he started 25 years ago.
Milner is seeking a nomination to Abcam’s board after the company’s annual general meeting on May 17, people familiar with the matter said. He’s held several discussions with other shareholders as well as Abcam directors, the people said, asking not to be identified as the matter is private.
The British scientist wants to reach an amicable agreement with Abcam, but is working with advisers to look at other options if he isn’t appointed, the people said. He’s planning to abstain from voting on any resolutions at the upcoming AGM, the people said.
Abcam’s American depositary shares gained as much as 1.9% on Thursday. They were up 1% at 11:45 a.m. in New York, giving the company a market value of about $4.1 billion. Abcam was valued at around $5.5 billion at its peak in February 2021.
Representatives for Milner and Abcam declined to comment.
Milner is one of Abcam’s largest investors with a 6.4% stake in the Cambridge, England-based company, which is sometimes referred to as the “Amazon of antibodies.” Abcam 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.
Bloomberg News first reported earlier this month that Milner is pushing for better performance and aims to take a more active role in influencing Abcam’s governance, performance and direction. Abcam said at the time it speaks with Milner regularly and most recently met with him on April 28.
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.
(Updates with share move in fourth paragraph.)
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