New York-based private equity firm Welsh Carson Anderson & Stowe completed the £34.4 million acquisition of Abzena PLC after the deal received court approval.

Astro Bidco Ltd., a unit of WCAS, acquired the U.K.-based life sciences company Abzena for 16 pence per share under a court-sanctioned scheme of arrangement.

Abzena had agreed to the sale to finance ongoing operating losses while it continues to fund its growth strategy as a contracts research, development and manufacturing business.

Following the acquisition, Abzena's shares were suspended from trading on London's AIM exchange and the cancellation of the shares is expected to take place on Oct. 12.

Peel Hunt LLP acted as financial adviser to Bidco, the WCAS Fund and WCAS, while Ropes & Gray International LLP provided legal advice to Bidco, the WCAS Fund and WCAS.

N+1 Singer acted as financial adviser and broker while Pinsent Masons LLP served as legal adviser to Abzena.