Repligen Acquires Bioprocessing Business of Refine Technology
Repligen acquired Refine Technology and its Alternating Tangential Flow system for continuous bioprocessing.
Repligen acquired the business of Refine Technology, including Refine's Alternating Tangential Flow (ATF) System, a leading cell-retention device used to significantly increase product yield during the fermentation step of the biologic-drug manufacturing process. The acquisition strengthens Repligen's bioprocessing business by adding a profitable and highly complementary product line while expanding its direct sales presence worldwide.
The purchase involves a combination of $20.5 million in cash and 215,285 shares of Repligen common stock, for total upfront consideration of approximately $24.5 million. The agreement also includes contingent milestone payments of up to $8.75 million based on defined revenue targets through the year 2016, a capped royalty provision of up to $2.15 million for above-target sales during the same period. The company expects ATF System sales to add approximately $3.5-4.0 million in revenue for the remainder of the year 2014.
Source: Repligen
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