BioLife Solutions Acquires PanTHERA CryoSolutions to Advance Leadership as a Pure Play Bioproduction Consumables Company
Rhea-AI Summary
BioLife Solutions (NASDAQ: BLFS) has acquired PanTHERA CryoSolutions, strengthening its position in the cell and gene therapy (CGT) market. The acquisition focuses on PanTHERA's proprietary Ice Recrystallization Inhibitor (IRI) technology for cryopreservation solutions.
The transaction involves $9.3 million in cash and 241,355 BLFS shares for the remaining 90% ownership, with potential additional payments of up to $7.2 million in stock based on milestone achievements over three years. This marks BioLife's second acquisition from its Bioproduction Innovation Accelerator program.
PanTHERA's next-generation formulations, expected to launch within 18 months, aim to provide superior cryopreservation outcomes, reduce DMSO concentrations, and decrease liquid nitrogen requirements in cold chain logistics and storage.
Positive
- Acquisition strengthens market leadership in biopreservation media
- Next-gen products expected within 18 months
- Technology reduces costs by lowering liquid nitrogen requirements
- Adds valuable intellectual property and scientific expertise
- Structured deal with milestone-based payments reduces upfront costs
Negative
- Significant cash outlay of $9.3 million
- Share dilution from 241,355 new shares plus potential additional stock payments
- 18-month wait for next-gen product launch creates execution risk
- Integration risks with new technology and team
News Market Reaction – BLFS
On the day this news was published, BLFS gained 5.08%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Strategic acquisition enhances biopreservation media portfolio with novel Ice Recrystallization Inhibitor technology
Marks the second acquisition from Bioproduction Innovation Accelerator program
PanTHERA has completed the development and launched its first-generation IRI technology, while progressing development on its next generation molecules designed to be combined with BioLife's line of cryopreservation products. These next-generation formulations are expected to launch within 18 months and have the potential to provide superior cryopreservation outcomes for certain biological constructs, utilize lower concentrations of DMSO while maintaining cryopreservation efficacy, and reduce the need for liquid nitrogen used in cold chain logistics and long term storage. BioLife initially invested in PanTHERA in 2020 through its Bioproduction Innovation Accelerator, co-sponsored with Casdin Capital.
Roderick de Greef, BioLife Chairman and CEO, commented, "This acquisition is an extension of our strategy to strengthen BioLife's leadership position as a pure play consumables provider and enabler of advanced therapies. PanTHERA's differentiated IRI technology enhances our core capabilities in biopreservation, and their talented scientific team shares our commitment to deliver innovative, enabling solutions for the fast-growing CGT market."
Dr. Aby Mathew, BioLife Chief Scientific Officer, added, "With the addition of PanTHERA's IRI technology and the expertise of Drs. Jason Acker and Robert Ben, we're deepening our scientific bench and extending our technological edge. Together we are advancing the next wave of cryopreservation solutions to support our growing CGT customer base."
Dr. Acker commented, "Joining BioLife is an exciting milestone for PanTHERA. We share a common vision and see enormous opportunity combining our novel IRI technology with BioLife's "gold standard" cryopreservation products. Dr. Ben and I look forward to working alongside BioLife's world-class team to deliver next generation, high-performance solutions to the market."
The acquisition also highlights the success of the Bioproduction Innovation Accelerator, a strategic initiative launched by BioLife and Casdin Capital in 2019 to identify and support early-stage disruptive technologies in the bioproduction space. With initial investments in companies such as Sexton Biotechnologies, the Accelerator has a proven track record of fostering early-stage innovators. Since inception, the partnership invested in three companies, with two resulting in acquisitions by BioLife. PanTHERA is the latest success to emerge from this initiative.
Transaction Terms
BioLife is purchasing the
About PanTHERA CryoSolutions
PanTHERA CryoSolutions designs and manufactures cryopreservation solutions for cells, tissues and organs in research and clinical markets. The patented IRI technology provides superior cryopreservation to increase cell recovery and quality. This technology enables customers to use less costly storage and transportation systems, eliminating liquid nitrogen use for some cell therapeutics. For more information, please visit www.pantheracryo.com.
About BioLife Solutions
BioLife Solutions is a leading supplier of cell processing tools and services for the cell and gene therapy (CGT) market. Our expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during collection, development, storage and distribution. For more information, please visit www.biolifesolutions.com, and follow BioLife on LinkedIn and X.
Cautions Regarding Forward Looking Statements
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "expects," "believes," "anticipates," "designed," and similar words are intended to identify forward-looking statements. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the
Media & Investor Relations
At the Company
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com
Investors
Alliance Advisors IR
Jody Cain
(310) 691-7100
jcain@allianceadvisors.com
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SOURCE BioLife Solutions, Inc.