Danaher will acquire life sciences supplier Abcam in a deal worth $5.7 billion, the company announced Monday.

Danaher beat out rival companies in buying the U.K.-based Abcam, which produces life science supplies like antibodies, assays and biomarkers used in research. In a press release, Abcam noted it had been in talks with 20 potential strategic acquirers before striking the deal with Danaher.

“Following a rigorous process, I’m confident this combination with Danaher maximizes value for shareholders while delivering an excellent outcome for our employees and customers,” Peter Allen, chairman of Abcam, said in a statement.

The acquisition comes after Abcam announced a strategic review in June, noting its board was seeking ways to maximize value for shareholders which could include a potential sale of the company.

Danaher, meanwhile, is banking on the acquisition to help expand its medical tools supply. In July, the life sciences company cut its annual sales growth forecast for the second straight quarter as its business experienced a crunch due to a drop in life science biotech funding.

Abcam will remain a standalone company but will exist within Danaher’s life sciences segment in order to further the company’s strategy to “help map complex diseases and accelerate the drug discovery process,” the press release noted. 

Abcam currently serves some 750,000 life science researchers in using its antibodies, biomarkers, assays and reagents.

“Danaher shares our passion to help life science researchers achieve their mission faster and their operating company model allows us to continue to pursue our strategy, while harnessing the power of the Danaher business system to ensure we remain the partner of choice for our customers,” Abcam CEO Alan Hirzel said in a statement.

The transaction will close in mid-2024, with Danaher expecting to fund the deal with cash as well as proceeds from the issuance of commercial paper, it noted.

“Abcam’s long track record of innovation, outstanding product quality and breadth of antibody portfolio positions them as a key partner for the scientific community,” Danaher CEO Rainer Blair added in a statement. “We look forward to welcoming Abcam’s innovative and talented team to Danaher as we continue to help our customers solve some of the world’s biggest healthcare challenges.”