BioLife Solutions Closes Acquisition of SciSafe, a High-Growth Biostorage Service Provider to the Cell and Gene Therapy Industry
BioLife Solutions (NASDAQ: BLFS) has completed its acquisition of SciSafe, a provider of biological materials storage to the cell and gene therapy sectors, enhancing its service offerings. SciSafe generated $6 million in revenue in 2019 and is expected to be accretive in 2021, with fourth quarter 2020 revenue projected at $1.8 million. This acquisition is anticipated to bolster BioLife's market presence and synergies in the bioproduction tools sector.
- Acquisition of SciSafe enhances service offerings in bioproduction tools.
- Expected revenue from SciSafe projected at $1.8 million for Q4 2020.
- SciSafe generated $6 million in revenue in 2019 and positive EBITDA.
- Potential integration challenges post-acquisition.
- Acquisition costs may pose short-term financial strain.
BOTHELL, Wash., Oct. 1, 2020 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of a portfolio of class-defining bioproduction tools for cell and gene therapies, today announced it has closed the acquisition of SciSafe, a privately held multi-facility provider of biological materials storage to the cell and gene therapy and pharmaceutical industries.
SciSafe had 2019 unaudited revenue of
About SciSafe
Founded in 2010, SciSafe offers dedicated pharmaceutical and biological specimen storage in its four fully cGMP-compliant state-of-the-art sample management facilities. SciSafe has built flourishing relationships with over 300 of the world's leading and most admired organizations. Clients have repeatedly chosen to store their most valued and irreplaceable biological samples because they trust SciSafe to care for them as if they were their own. SciSafe values and respects its long-term client relationships. With over 60 years combined experience specifically in life sciences, SciSafe personnel fully appreciate the vital requirements of all areas of specimen storage and cold chain management. For more information, please visit www.scisafe.com.
About BioLife Solutions
BioLife Solutions is a leading supplier of a portfolio of class-defining cell and gene therapy bioproduction tools and services. Our tools portfolio includes our proprietary CryoStor® freeze media and HypoThermosol® shipping and storage media, ThawSTAR® family of automated, water-free thawing products, evo® cold chain management system, and Custom Biogenic Systems high capacity storage freezers. Services include SciSafe biologic and pharmaceutical materials storage. For more information, please visit www.biolifesolutions.com, and follow BioLife on Twitter.
Cautions Regarding Forward Looking Statements
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the expected financial performance of the company following the completion of its acquisition of SciSafe, the expected synergies between the company and SciSafe, the company's ability to realize all or any of the anticipated benefits associated with the acquisition of SciSafe, the company's ability to implement its business strategy and anticipated business and operations, including following the acquisition of SciSafe, the potential utility of and market for the company's and SciSafe's products and services, guidance for financial results for 2020 and 2021, including regarding SciSafe's revenue, and potential revenue growth and market expansion, including with consideration to our acquisition of SciSafe. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding unexpected costs, charges or expenses resulting from the company's acquisition of SciSafe or the 2019 acquisitions, charges or expenses resulting from the acquisition of SciSafe; market adoption of the company's products (including the company's recently acquired products) or SciSafe's products; the ability of the SciSafe acquisition to be accretive on the company's financial results; the ability of the company to implement its business strategy; uncertainty regarding third-party market projections; market volatility; competition; litigation; the impact of the COVID-19 pandemic; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
Media & Investor Relations | ||
Roderick de Greef | ||
Chief Financial Officer | ||
(425) 686-6002 | ||
View original content to download multimedia:http://www.prnewswire.com/news-releases/biolife-solutions-closes-acquisition-of-scisafe-a-high-growth-biostorage-service-provider-to-the-cell-and-gene-therapy-industry-301143536.html
SOURCE BioLife Solutions, Inc.
FAQ
What are the anticipated benefits of BioLife Solutions acquiring SciSafe?
What were SciSafe's financial results prior to the acquisition?
How will the acquisition of SciSafe impact BioLife's revenue?
What challenges might BioLife face after acquiring SciSafe?
