Cryoport expands into biostorage with Cryogene acquisition
The cold chain logistics firm for the life sciences industry has been looking to add storage services to its offering, Mark Sawicki, Cryoport’s CCO told us recently.
The acquisition is structured as an asset purchase and, as stated, it is expected to be immediately accretive to Cryoport's earnings.
The US facility provides storage of biological specimens, materials and samples for clients such as Merck, MD Anderson, Houston Methodist Hospital, Texas Children's Hospital, Mesoblast, Bellicum and Baylor University.
The storage service for biological commodities covers a full range of temperatures, from cryogenic to controlled room temperature, and includes sample inventorying, data sample discrepancy resolution and accessioning samples into its validated data inventory software.
The deal comes after Cryoport expanded the number of its clients recently, including adding Celularity to its clients roster.
During the previous year, the company established multiple collaborations and boosted its revenue by becoming the exclusive distributor of Novartis’ Kymriah (tisagenlecleucel) and Kite’s Yescarta (axicabtagene ciloleucel), the two approved chimeric antigen receptor (CAR)-T therapies.
