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$58-million acquisition nearly doubles Cryoport’s size
Cryoport, whose business a few years ago was mostly around providing metal containers (dewars) for cryogenic shipping of life sciences materials, has now become a global player with a focus on the rapidly evolving cell and gene therapy (CGT) field. It opened a service center in the Netherlands in 2019 along with a European-based partnership. Now that globalization has jumped ahead with the acquisition of CryoPDP, a Paris-based provider that mirrors Cryoport’s offerings of containers and packaging, logistics and courier services, and clinical trials support.
The transaction is valued at €49 million (subject to closing conditions); CryoPDP had revenues of €42 million in 2019 (about $50 million). CryoPDP has 220 employees, operating in 22 facilities in 12 countries. According to a press release, it has handled over 300,000 shipments for life sciences over the past 25 years. Part of the company was originally a subsidiary of Air Liquide, the industrial gases producer; Air Liquide sold the business to a Paris-based private-equity firm, HIvest Capital, last spring, who has now turned the company over to Cryoport.
“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,” said Jerrell Shelton, Cryoport CEO, in a statement. “CryoPDP is especially strong in EMEA and APAC, where it enjoys a strong reputation as a valued specialist logistics provider to CROs, the pharmaceutical industry, and the life sciences clinical research community.”