WALTHAM, Mass., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it has entered into a definitive agreement to acquire privately-held ARTeSYN Biosolutions for approximately $200 million, comprised of approximately $130 million in cash and approximately $70 million in Repligen common stock. ARTeSYN Biosolutions is projected to generate approximately $30 million in revenue (pro forma) in 2020, led by the success of its single-use chromatography and filtration systems which are considered the gold standards in downstream bioprocessing due to their performance, automation and low hold-up volumes. The proposed acquisition of ARTeSYN, combined with the recent acquisitions of Engineered Molding Technologies (“EMT”) and Non-Metallic Solutions (“NMS”) further establishes Repligen as a premier player in single-use systems and associated integrated flow path assemblies.
ARTeSYN Biosolutions is expected to contribute approximately $33 to $36 million in revenue in 2021 and be breakeven to Repligen’s adjusted earnings per share in 2021, and accretive in 2022. Non-Metallic Solutions is expected to contribute approximately $5 million in revenue in 2021 and be accretive to Repligen’s adjusted earnings per share in 2021.
Over the past decade, ARTeSYN Biosolutions has established downstream processing leadership with a suite of state of the art single-use systems for chromatography, filtration, continuous manufacturing and media/buffer prep workflows. In addition, the Company has integrated unique flow path assemblies utilizing EMT’s silicone extrusion and molding technology, to deliver highly differentiated, low hold-up volume systems that minimize product loss during processing.
Tony J. Hunt, President and CEO of Repligen said, “The addition of ARTeSYN Biosolutions and Non-Metallic Solutions further strengthens our Systems offering. The ARTeSYN portfolio expands on the market success of our hollow fiber systems and complements our market leading chromatography and TFF filtration product lines. We are excited to welcome the ARTeSYN Biosolutions and the Non-Metallic Solutions teams to Repligen and we look forward to further developing and integrating their highly differentiated single-use solutions into our portfolio.”
Michael Gagne, Founder and CXO of ARTeSYN Biosolutions said, “We have made tremendous progress over the last four years as we introduced automated, highly efficient chromatography and filtration systems with unique flow path designs. We are at a point now where we need to scale again and believe Repligen is the best partner to grow with. We look forward to driving expanded, global adoption of our products, and continuing to advance innovative single-use systems and flow paths as gold standards in the industry”.
Approvals and Financing
The acquisition of ARTeSYN Biosolutions is expected to be completed during the fourth quarter of 2020, subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976. To fund the transaction, Repligen intends to use its cash on hand, which totaled approximately $560 million at June 30, 2020.
Perella Weinberg Partners LP is acting as financial advisor and Goodwin Procter LLP is serving as legal counsel to Repligen. EC M&A is acting as financial advisor and Peter Taylor Law (as lead counsel) and Enterprise Counsel Group (as deal counsel) are serving as legal counsel to ARTeSYN BioSolutions.
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, MA (USA), and we have additional administrative and manufacturing operations in Rancho Dominguez, CA; Marlborough and Auburn, MA; Bridgewater, NJ; Clifton Park, NY; Dallas, TX; Ravensburg, Germany; Breda, the Netherlands and Lund, Sweden.
About ARTeSYN Biosolutions
ARTeSYN Biosolutions is a privately-held company with corporate headquarters in Waterford, Ireland, and additional locations in the United States and Estonia. The company has grown rapidly as its products have become integral to a variety of downstream bioprocessing systems. Its suite of single-use solutions have been created with the goal of enabling “abundance in medicine” by allowing 10x greater efficiency in biologics manufacturing. The ARTeSYN Biosolutions team has created a number of solutions targeting the single-use space from single-use valves with fully disposable valve liners, XO® skeletal supports, a hybrid small parts offering for de-bottlenecking traditional facilities, and fully automated SU process systems that have quickly become leading solutions in the bioprocessing industry.
About Non-Metallic Solutions
Non-Metallic Solutions (NMS), a privately-held company based in Auburn, MA, specializes in plastic fabrication, assembly, standard thermoplastic tanks, as well as rotational molding (rotomolding) expertise. NMS primarily services the biopharmaceutical industry, offering quality products such as USP Class VI polypropylene process vessels, standard or custom-designed mixing bag retainers, custom-machined manifolds, concentric reducers, and a wide range of optimum performance tubing, fittings, accessories and components. NMS provides value-added modifications to customers’ existing product lines, and for new product designs and development.
