MVE provides vacuum insulated products and cryogenic freezer systems for the life sciences industry
Cryoport, a temperature-controlled supply chain solutions provider, has agreed to acquire MVE Biological Solutions from Chart Industries for around $320m.
Based in Ball Ground of Georgia, MVE is engaged in the production of vacuum insulated products and cryogenic freezer systems for the life sciences industry.
Cryoport will use MVE’s capabilities to expand its presence in the cell and gene therapy supply chain ecosystem and boost its supply of cryogenic solutions for the life sciences industry.
The company offers stainless-steel freezers, aluminium dewars and related ancillary equipment used for the storage and transport of life sciences commodities. Its products are more suitable for cell and gene therapies business.
MVE serves more than 300 primary customers
MVE, which serves more than 300 primary customers, employs over 226 people and operates three primary facilities in the US states of Georgia and Minnesota and Cheng-du of China.
The acquisition of MVE is part of Cryoport’s strategy to expand its footprint of solutions and services for the life sciences industry with a primary focus on the cell and gene market.
Cryoport CEO Jerrell Shelton said: “The acquisition of MVE Biological Solutions represents an important step in carrying out Cryoport’s mission.
“It further entrenches us in the cell and gene therapy supply chain ecosystem at a time when cell and gene therapies are experiencing rapid and sustained growth, and with an even more exciting growth story ahead.”
Subject to regulatory approval and customary closing conditions, the deal is expected to be completed by the end of this year.
Cryoport is set to receive a $275m investment from funds managed by Blackstone Tactical Opportunities to fund the acquisition.
As per the terms of the investment, Blackstone will acquire $250m of a newly designated perpetual 4% Series C convertible preferred stock of Cryoport with a purchase price of $1,000 per share. It will also acquire $25m of common stock of Cryoport.
Morgan Stanley is serving as exclusive financial advisor to Cryoport, while Latham & Watkins is acting as its legal advisor. Goldman, Sachs & Co is serving as exclusive financial advisor to Blackstone, while Simpson Thacher & Bartlett is acting as its legal advisor.
Recently, Cryoport has agreed to acquire logistics solutions provider CryoPDP in a deal valued approximately €49m.
The acquisitions of MVE, CryoPDP and Cryogene will enable Cryoport to deliver fully integrated, end-to-end supply chain solutions to cell and gene therapy clients and life sciences industry.