Why Shares in Abcam Surged This Week
Shares in UK-based life sciences company Abcam (NASDAQ: ABCM) were up 12.7% in the week at 11 a.m. ET. The move comes in an exciting week of news for the company, involving an unhappy founder, a leading U.S. activist investor, and the possibility of a lot of drama in the middle of July.
Abcam provides antibodies and biological tools to the life sciences market. Its customers include publicly funded academic institutions, research institutions, and diagnostic, biotech, and pharma companies. As companies like Danaher have affirmed, there's been a surge in investment in monoclonal antibody-based therapies in recent years, so there's no question Abcam operates in excellent end markets.
However, founder and former director Dr. Jonathan Milner believes the company is underperforming and is calling for an extraordinary general meeting (EGM) on or before July 18. He is also calling for the removal of nonexecutive chairman Peter Allen, CFO Michael Baldock, and nonexecutive director and remuneration committee chair Sally Crawford as directors of the company, and seeking appointment as director and executive chairman.
Source Fool.com
