Abcam abandons $366M bid for Horizon

Drug Discovery | Cambridge, UK

Abcam has dropped its takeover offer for fellow UK biotech company Horizon Discovery worth £270 million (about $366 million). The board of Horizon, a developer of gene-editing technology, rejected the bid last week. Abcam said its review of Horizon's preliminary results for 2017 also prompted it to walk away from the proposal. Shares of Horizon (LON: HZD) plunged nearly 17% Wednesday.