The companies said the boards of Abcam and Danaher unanimously approved the transaction. Danaher expects to fund the acquisition using cash on hand and proceeds from the issuance of commercial paper.

Headquartered in Cambridge, UK, Abcam markets antibodies, reagents, biomarkers and assays to for drug discovery, research and diagnostics.

Abcam 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.

After announcing the review of strategic alternatives late last June, including a potential sale, Abcam said it engaged with over 30 other potential counterparties including more than 20 potential strategic acquirers before closing the deal with Danaher.

Rainer M. Blair, Danaher’s president and CEO, 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.”

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

Alan Hirzel, CEO of Abcam, 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.”