Savsu is a designer and manufacturer of high-performance cloud-connected passive storage and transport containers
Image: BioLife Solutions has completed the acquisition of Savsu Technologies. Photo: courtesy of Tumisu from Pixabay.
BioLife Solutions has completed the acquisition of Savsu Technologies, a supplier of cloud-connected passive storage and transport containers for pharmaceutical applications.
BioLife said that it has executed a share exchange agreement to effect the acquisition of Savsu, which offers advanced cold chain management tools for cell and gene therapies.
BioLife CEO Mike Rice said: “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.”
Savsu, a designer and manufacturer of cloud-connected passive storage and transport containers
Savsu will design and produce advanced high-performance cloud-connected passive storage and transport containers, as well as enable cold chain cloud applications for temperature-sensitive biologics and pharmaceuticals.
The acquisition of Savsu is expected to strengthen BioLife’s position as a major supplier of disruptive and enabling solutions used in the manufacture, storage and distribution of cell and gene therapies.
Savsu’s evo cold chain management system will expand BioLife’s bioproduction tools portfolio, in addition to enhancing the company’s footprint and engagement level in its customers’ cell and gene therapy manufacturing workflow.
BioLife chief financial officer Roderick de Greef 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.”
BioLife Solutions, which supplies cell and gene therapy tools, produces CryoStor freeze media and HypoThermosol shipping and storage media for regenerative medicine, biobanking and drug discovery markets.