Cryoport gobbles up MVE Biological Solutions, extending its deep-frozen scope
Deal is boosted by a $275-million investment from Blackstone Group.
On the heels of what would normally be considered a major acquisition by a relatively small company—Cryoport’s purchase of Paris-based CryoPDP—the company is now leaping ahead with a new acquisition: the life sciences business, MVE Biological Solutions, of Chart Industries. The purchase price is $320 million, which Cryoport is swinging by combining its own cash and stock with the Blackstone investment. Pretty good for a company whose gross revenue in 2019 was $32 million.
When the dust settles on the Cryoport/CryoPDP/MVE combination, the expected revenue run rate will be $160 million, making Cryoport a combination of a major logistics provider to the regenerative medicine market (which includes the fast-growing cellular and genetic therapies [CGTs] field) as well as a supplier of the freezers, refrigerators, dewars and related equipment used in life sciences labs and factories where cryogenic conditions are maintained.Source: Pharmaceutical Commerce
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