OR WAIT null SECS
The acquisition strengthens BioLife’s position as a supplier of disruptive, enabling solutions used for manufacturing, storage, and distribution of cell and gene therapies.
BioLife Solutions, a Bothell, WA-based developer and supplier of bioproduction tools for cell and gene therapies, has completed its acquisition of SAVSU Technologies, an Albuquerque, NM-based developer of advanced cold-chain management tools for cell and gene therapies, through a share exchange agreement, BioLife announced in an Aug. 8, 2019 press release.
The acquisition boosts BioLife's capability to supply disruptive, enabling solutions that are used in the manufacturing, storage, and distribution of cell and gene therapies. SAVSU's evo system broadens BioLife's bioproduction tools portfolio and is expected to increase its footprint and engagement level in customers' cell and gene therapy manufacturing workflow.
"SAVSU has established a critical and highly valued position as a best in class tools provider in the cell and gene therapy distribution ecosystem. Their highly competitive approach offers the most advanced smart container and SaaS technologies, and a go-to-market strategy that enables the leading specialty couriers to offer a higher level of customer service. We look forward to announcing evo product adoption decisions by several marquee cell and gene therapy developers in the coming months," said Mike Rice, BioLife CEO, in the press release.
"We issued 1.1 million common shares to purchase the 56% of SAVSU we did not own. We expect a modest revenue contribution for the balance of 2019 of approximately $500,000. However, we believe that based on the successful conclusion of evaluations currently underway, which are expected to be finalized in the fourth quarter, the evo system product line could add $4 million to $6 million of incremental revenue in 2020,” added Roderick de Greef, BioLife CFO, in the press release.
Source: BioLife Solutions