StemCell Therapy

The addition of cryogenic freezer systems firm MVE Biological Solutions will boost Cryoports position in the temperature-controlled cell and gene therapy logistics space.

Cryoport, a temperature-controlled supply chain services firm for the life sciences, has agree to buy MVE Biological Systems for $320 million with the deal expected to close by the end of the year.

MVE is a subsidiary of Chart Industries and will bring Cryoport a greater presence in the cell and gene therapy services space, broadening its portfolio to include manufactured vacuum insulated products and cryogenic freezer systems. The firm has three manufacturing sites two in the US and one in China and more than 300 customers, including Cryoport itself.

Image: iStock/Zhanna Hapanovich

According to Jefferies analyst Brandon Couillard, MVE has an estimated 55% share of the vacuum insulated products and cryogenic equipment market and the acquisition will bolster Cryoports strategy of becoming the top life sciences supply chain solutions provider, further augmenting its exposure to the rapidly growing cell & gene therapy space.

The deal comes days after Cryoport announced it is buying French logistics firm CRYOPDP for 49 million ($58 million).

Cryoport has fundamentally transformed the company via the CRYOPDP and MVE deals, Couillard said in a note, adding the acquisition spree solidifies Cryoports status as one of the best ways to play the coming cell and gene therapy boom.

Speaking on the deal, Jerrell Shelton, CEO of Cryoport, said: The acquisition of MVE Biological Solutions represents an important step in carrying out Cryoports mission. It further entrenches us in the cell and gene therapy supply chain ecosystem at a time when cell and gene therapies are experiencing rapid and sustained growth, and with an even more exciting growth story ahead.

He added: Bringing MVE Biological Solutions under the Cryoport umbrella, which will include Cryoport Systems, Cryogene, and the recently announced agreement to acquire CRYOPDP is expected to increase our revenue run rate to over$160 millionand to be immediately accretive.

Read the original post:
Cryoport strikes second acquisition in a week - Bioprocess Insider - BioProcess Insider

This entry was posted on August 26, 2020 at 3:53 pm and is filed under Gene therapy. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |