CryoPDP is engaged in providing new temperature-controlled logistics solutions for various markets including clinical research, pharma and cell and gene therapy
Cryoport agrees to buy CryoPDP. (Credit: Gerd Altmann from Pixabay)
Cryoport, a temperature-controlled supply chain solutions provider, has agreed to acquire logistics solutions provider CryoPDP in a deal valued approximately €49m.
France-based CryoPDP is engaged in providing new temperature-controlled logistics solutions for various markets including clinical research, pharma and cell and gene therapy.
Employing over 220 people and operating 22 global facilities, the firm offers a significant portion of the healthcare temperature-controlled supply chain which includes packaging, pick-pack kit preparation, premium services and speciality courier support.
The acquisition is part of Cryoport’s efforts to strengthen its supply chain network. The French firm has generated over €42m of revenue last year.
The deal to acquire CryoPDP is set to close within 60 days
The transaction, which is dependent on customary closing conditions, is expected to close within 60 days.
Cryoport expects CryoPDP to be immediately accretive to its earnings on the closing of the deal.
Cryoport CEO Jerrell Shelton said: “Our acquisition of CryoPDP is an important milestone in carrying out Cryoport’s strategy to further entrench and strengthen our global footprint and support capabilities for the entire life sciences industry and especially for the fastest-growing segment of high value, life-saving cell and gene therapies.
“CryoPDP is especially strong in EMEA and APAC, where it enjoys a strong reputation as a valued specialist logistics provider to CROs (clinical research organisations), the pharmaceutical industry, and the life sciences clinical research community.
“Over the coming months, we anticipate focusing more attention on the fast-growing cell and gene therapy industry, where CryoPDP will play an increasing role.”
CryoPDP Unity IT platform will work in conjunction with Cryoport Systems’ Cryoportal Logistics Management Platform to provide a unified global logistics solution.
Cryoport said that the unified solution will offer complete “visibility, control and integrity of the “chain of custody” and “chain of condition”.