US-based conglomerate Danaher Corporation has acquired Abcam for $24 per share, which values the Cambridge-based life sciences innovator at $5.7bn.

The sale follows a strategic review initiated in June by Abcam, which itself followed a bid by founder Jonathan Milner to wrest back control of the company – a bid which ended in a stalemate in July, leaving the company open to acquisition in the global marketplace.

Abcam has stated that the review process involved engaging with “more than 20 potential strategic acquirers” in the fall-out from the boardroom battle over the control of the company which began in May when Milner announced that he wished to be appointed executive chairman of the company he had originally founded in 1998, and which he led as CEO until Alan Hirzel took over in 2014.

Abcam, a leading antibody and reagents supplier to researchers around the world, is expected to operate as a standalone operating company and brand within Danaher’s life sciences segment, furthering Danaher’s strategy to help map complex diseases and accelerate the drug discovery process. Danaher, one of the world’s largest suppliers of diagnostic tools with a market value of $190bn, will now have control of one of the UK’s biggest life sciences success stories, whose first-quarter 2023 revenue is expected to be around £100m when its half-year financial figures are published on August 31.

The transaction has been unanimously approved and recommended by the Abcam board of directors and unanimously approved by the Danaher board of directors.

Nasdaq-listed Danaher, which is headquartered in Washington DC, expects to fund the acquisition using cash on hand and proceeds from the issuance of commercial paper.

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Peter Allen, chairman of Abcam, said: “Following a rigorous process, I’m confident this combination with Danaher maximises value for shareholders while delivering an excellent outcome for our employees and customers.”

Mr Hirzel said: “Our strategy has transformed Abcam to become a scale innovator and important catalyst in the global life science community. Danaher shares our passion to help life science researchers achieve their mission faster and their operating company model allows us to continue to pursue our strategy, while harnessing the power of the Danaher Business System to ensure we remain the partner of choice for our customers.”

Rainer M Blair, president and CEO, Danaher, said: “We couldn’t be more excited to have Abcam join Danaher.

“Abcam’s long track record of innovation, outstanding product quality and breadth of antibody portfolio positions them as a key partner for the scientific community. We look forward to welcoming Abcam’s innovative and talented team to Danaher as we continue to help our customers solve some of the world’s biggest healthcare challenges.”

The $24 share price represents a 2.7 per cent premium to Abcam’s last closing price. Abcam shares rose 3.9 per cent higher on Friday after Reuters reported Danaher was in the lead to acquire the company.

Jonathan Milner was not available for comment.