May 9, 2018 / 11:10 AM / 2 months ago

Biotech firm Abcam rules out bid for Horizon Discovery

LONDON, May 9 (Reuters) - Biotech firm Abcam said it would not make an offer for Horizon Discovery after the company rejected its approach and said it saw little strategic rationale in a combination.

Shares in Horizon slumped 12 percent.

Abcam announced earlier this month that Horizon had rejected a 270 million pound ($366 million) approach and said it was going public with the news to try and force it into talks.

$1 = 0.7373 pounds Reporting by Kate Holton, Editing by Paul Sandle

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