BioLife Solutions Aquires Savsu Technologies

BioLife Solutions, a developer and supplier of a portfolio of bioproduction tools for cell and gene therapies, has acquired SAVSU Technologies, a developer of advanced cold chain management tools for cell and gene therapies.
 
The acquisition is expected to strengthen BioLife's position as a supplier of disruptive, enabling solutions used in the manufacture, storage and distribution of cell and gene therapies. SAVSU's evo system broadens BioLife's bioproduction tools portfolio, and increases BioLife's footprint and engagement level in its 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," said Mike Rice, chief executive officer, BioLife. "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."
 
Roderick de Greef, chief financial officer, BioLife, said, "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."

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