Repligen announced on July 22 a $1.5 billion agreement to acquire BioLife Solutions, aiming to expand its portfolio with a product that preserves cell therapies during storage and transport.
BioLife has recently concentrated its business on cell processing tools, making CryoStor cryopreservation media central to its operations. The company’s products are used in approved cell therapies such as Johnson & Johnson’s Carvykti, Gilead Sciences’ Yescarta, and Bristol Myers Squibb’s Breyanzi. According to the companies, most Phase 2/3 clinical assets also use these products, and changing suppliers late in development can be both time-consuming and costly.
Olivier Loeillot, Repligen CEO, said during a conference call with investors that the commercial and pipeline programs influenced the decision for the takeover. Loeillot said Repligen is confident that commercial cell therapies will grow more than 20% over the next five years. He added that with cell therapies becoming increasingly important in biopharma research and development pipelines, Repligen determined it needed to strengthen its position in this area.
William Blair analysts commented on the deal in a note to investors, “The takeover is ‘a great fit for Repligen’ and ‘checks a lot of the key boxes needed for a successful deal.’” The analysts said their positive response reflects BioLife’s “industry-leading products that serve a critical need” within a large market segment as well as strong strategic rationale and portfolio alignment.
Following completion of the transaction, new modalities are expected to represent about 25% of Repligen’s revenue compared with less than 20% currently. William Blair noted growth in new modalities has been positive recently due to favorable funding conditions and regulatory developments. The analysts described Repligen’s payment as “reasonable,” stating that based on projected 2027 revenues of $135 million for BioLife, the price equates to roughly eleven times sales—a slight premium over similar deals which have generally commanded high-single-digit multiples.
Repligen plans cost synergies from the acquisition by targeting savings of $20 million within one year and $30 million by year two. The company also sees opportunities for revenue synergies through cross-selling initiatives among overlapping customer bases and expanding BioLife's presence using existing infrastructure in Asia-Pacific markets.
