BioLife adds cryogenic equipment through acquisition

14-Nov-2019 - Last updated on 14-Nov-2019 at 14:40 GMT

(Image: Getty/Leonid Ikan)

BioLife announces acquisition of Custom Biogenic Solutions, with the company’s latest deal adding liquid nitrogen laboratory freezers and cryogenic equipment to its portfolio.

BioLife Solutions will pay $15m (€13.6m) in cash and shares to acquire Custom Biogenic Solutions (CBS), with a further $15m being made available dependent on revenue milestones.

CBS produces cryopreservation equipment for the biotech industry, as well as possessing cloud-based monitoring systems that assess biologic sample storage conditions.

The deal represents a further build out of BioLife’s portfolio of tools for the bioproduction of cell and gene therapies. Earlier this year, BioLife acquired SAVSU Technologies, which added the latter’s supply chain solutions for the collection, storage and distribution of cell and gene therapies.

As a result of this earlier agreement, BioLife now possesses the evo cold chain management system, and the company noted that CBS’ capabilities would allow for a cost reduction for ‘certain evo-related hardware’.

BioLife also noted that it expects to be able to utilize its existing customer base to offer CBS’ capabilities to cell and gene therapy companies. It projects that CBS’ product line will contribute $1m to 2m in revenue during 2019, which will then grow to between $50m and $56m in 2020.

In Q3 financials, the company noted that it managed total revenue of $6.6m, which represents a 25% year-on-year growth.