Repligen Corporation Announces Agreement to Acquire Polymem S.A.
Repligen Corporation (NASDAQ:RGEN) announced its acquisition of Polymem S.A., a French specialist in hollow fiber membranes, on June 22, 2021. This acquisition enhances Repligen's production capabilities and R&D expertise, positioning it to meet growing demand in both industrial and bioprocessing markets. The deal is expected to close in Repligen's third fiscal quarter of 2021, utilizing cash reserves of approximately $711 million as of March 31, 2021. Polymem's leadership will remain in place post-acquisition, aiming to expand market reach and growth opportunities.
- Expansion of hollow fiber membrane production capabilities.
- Strengthening of R&D expertise in bioprocessing and industrial markets.
- Utilization of existing cash reserves ($711 million) for the acquisition.
- Potential integration challenges and risks related to achieving expected synergies.
- Uncertain timeline for closing the acquisition.
WALTHAM, Mass., June 22, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it has entered into an agreement to acquire Toulouse, France based Polymem S.A. (“Polymem”), a leading industrial expert in the development and manufacture of hollow fiber membranes and modules.
Tony J. Hunt, President and CEO of Repligen, said, “We are delighted to have Jean-Michel, Franc and the Polymem team join the Repligen family. The acquisition significantly expands our hollow fiber membrane and module production capabilities and adds core R&D, engineering and production expertise in hollow fiber technology for both industrial and bioprocessing markets. The business complements what we have already in place at our Rancho Dominguez site and establishes a world-class center of excellence in Europe to meet the accelerating demand for hollow fiber products and to serve our rapidly expanding global customer base.”
Jean-Michel Espenan, President of Polymem, said, “Since co-founding the company in 1997, Polymem has remained true to our expertise in hollow fiber membrane development and manufacturing for industrial and life sciences applications. By joining forces with Repligen, we now have the opportunity to focus on two market segments, Municipal/Industrial and Bioprocessing, each with very similar needs and demands. This deal further extends our market reach, allowing us to boost our growth across both our historical Municipal/Industrial markets and the Bioprocessing market. We continue to increase capacity with the extension of our production site in Castanet-Tolosan, south of Toulouse, and we look forward to working together with Repligen to further penetrate our core markets.”
Jean-Michel Espenan and Franc Saux will stay on with the company in their current respective roles of President and Technical Director. The proposed acquisition is expected to close during Repligen’s third fiscal quarter of 2021, subject to the satisfaction of customary closing conditions. To fund the transaction, Repligen intends to use its cash on hand which totaled approximately
About Repligen Corporation
Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies in the process of manufacturing biological drugs. We are inspiring advances in bioprocessing for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located within the U.S. (California, Massachusetts, New Jersey and New York), and outside of the U.S. we have sites in Estonia, Germany, Ireland, the Netherlands and Sweden.
About Polymem
Polymem S.A., located outside of Toulouse in southwestern France, was established in 1997 by two engineers specializing in hollow fiber membrane technology. The company has grown into a team of 60 people, dedicated to the development and manufacture of hollow fiber membranes, membrane modules and systems. These products are used in water treatment, solid/liquid separation, gas separation, liquid/gas transfer and bioprocessing applications. Polymem anticipated the demands of the worldwide municipal and industrial markets and is now recognized not only for its ability to develop innovative products, but also for the quality of its production of membranes, cartridges and modules for various applications and sectors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that statements in this press release which are not strictly historical statements including, without limitation, express or implied statements or guidance regarding the expected results of the proposed acquisition of Polymem on Repligen’s future financial performance, including the accretive nature and the timing of the accretive nature of the acquisition, expected synergies following the acquisition of Polymem, customer adoption of Polymem’s products, the expected expansion of Repligen’s product lines, the timing of the closing of the acquisition and other statements identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” or “could” and similar expressions, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the risk that the proposed acquisition may not be completed in a timely manner, or at all; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition; our ability to integrate Polymem’s business and personnel and to achieve expected synergies; our ability to maintain or expand Polymem’s historical sales; our ability to accurately forecast the acquisition, related restructuring costs and allocation of the purchase price, goodwill and other intangibles acquisition related and other asset adjustments; and other risks detailed in Repligen’s most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements reflect management’s current views and are based only on information currently available to us. Repligen does not undertake to update, whether written or oral, any of these forward-looking statements to reflect a change in its views or events or circumstances, whether as a result of new information or otherwise, that occur after the date hereof except as required by law.
Repligen Contact:
Sondra S. Newman
Global Head of Investor Relations
(781) 419-1881
investors@repligen.com
Polymem S.A. Contact:
Isabelle Duchemin
Marketing and Commercial Manager
+33 (0) 786 008 625
iduchemin@polymem.fr
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