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.