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ImmunoPrecise Antibodies Ltd. acquired all of U-Protein Express BV's issued and outstanding shares for €6.8 million.
ImmunoPrecise will pay €2.7 million in cash, issue €2 million of its shares and settle the remaining €2 million over a three-year period, either in cash or stock.
Martin Hessing, one of the principal shareholders of U-Protein, will join the ImmunoPrecise board.
ImmunoPrecise recently upsized a private placement to use the proceeds for the acquisition of U-Protein.