Abcam founder speaks out against growing exodus of British life science companies

The entrepreneur behind one of Britain’s most successful life science companies has vowed to bring it back to the London stock market.

Jonathan Milner, a leading UK breast cancer specialist who founded Cambridge-based biotech group Abcam in 1998, is aiming to thwart a US takeover bid.

The company moved its share listing to the Nasdaq tech market in New York in 2020.

If Milner succeeds it would be a major vote of confidence in UK life sciences and in the London stock market.

It would also mark a fightback against the trend for British companies to desert London and could inspire other firms to halt or even reverse the exodus.

Milner told The Mail on Sunday that if he manages to block the bid from US conglomerate Danaher, he will list Abcam on the main market of the London Stock Exchange.

‘I will definitely, definitely, definitely do that,’ he said.

Abcam was originally listed on London’s Alternative Investment Market. It delisted from there in December, leaving it with a sole listing on Nasdaq.

Milner says he would retain a Nasdaq quote as well as one in London.

A homecoming by Abcam would amount to a significant reversal in the tide of London-listed companies which have shunned Britain in favour of the US.

The recent diaspora includes computer chip maker Arm – also based in Cambridge – and buildings materials group CRH.

Company bosses complain of onerous regulation in the UK and argue that there is a larger more knowledgeable pool of tech investors in the US so its shares will be more highly valued there.

Executive pay packets are much larger on the other side of the Atlantic.

Abcam makes biological products which are used to help scientists perform research. The firm is worth $3.4 billion (£2.8 billion) and employs about 5,500 people in the UK.

Milner led the company for 16 years before stepping down in 2014. He has this year been waging a campaign against a planned $5.7 billion takeover of the firm by Danaher, which is being backed by the company’s current management.

He remains Abcam’s second-largest investor with a 6.2 per cent stake and insists that Danaher’s offer undervalues the company. Milner also alleges the firm’s directors have been influenced by the lucrative payouts they would receive if the deal goes ahead.

He is urging other shareholders to oppose the deal at a meeting on November 6, which will require at least 75 per cent of the votes to approve the takeover. Milner is also calling for investors to unseat the board and install him as chief executive.

Activist shareholder Head- waters Capital has also publicly questioned the takeover.

Milner said he has had ‘private conversations’ and received ‘good support’ from investors.

He told the Mail on Sunday that it is ‘hugely concerning’ that overseas groups have been able to buy up so much of the UK’s intellectual property in biosciences.

‘We allow it to happen too readily and too easily and it just destroys value,’ he added. ‘This country desperately needs to create industry and wealth.’