Avon’s Ironwood Capital Connecticut has exited its investment in AxioMx Inc. of Branford through a sale of the company to Abcam plc, a supplier of life science research tools. The purchase price was $20 million with further performance-based payments.
AxioMx, founded in 2012 by Dr. Michael Weiner and Christopher McLeod, is based in Branford, where it has 28 employees. It has created a powerful and scalable in vitro recombinant monoclonal antibody technology, which complements Abcam’s existing antibody and immunoassay capabilities.
As part of the integration with Abcam, which is based in the United Kingdom, AxioMx will be re-focused to develop highly validated recombinant antibodies for inclusion in the Abcam catalogue, combining this technology with Abcam’s digital platform, brand and customer service. After an initial period of investment and production scale up, AxioMx is expected to contribute both to revenue growth and profitability in the next few years.