Cryoport completes MVE and CryoPDP acquisitions
The purchases boost its position in temperature-controlled life sciences
Cryoport, Inc. has completed the acquisitions of MVE Biological Solutions, a global supplier of manufactured vacuum insulated products and cryogenic freezer systems, and CryoPDP, a provider of temperature-controlled logistics for the clinical research, pharmaceutical and cell and gene therapy markets.
In 2019, MVE generated revenue of approximately $84 million and CryoPDP generated approximately $47 million of revenue. With the closings, Cryoport's annual revenue run rate is more than $160 million and both acquisitions are expected to be immediately accretive to earnings.
These two acquisitions strengthen Cryoport’s ability to support the growing need for integrated temperature-controlled supply chain requirements in life sciences, and expand its client coverage in the global cell and gene therapy market.
With the MVE deal, Cryoport also completed its previously announced private placement issuance of $25 million of common stock and $250 million of newly designated Series C convertible preferred stock to funds affiliated with The Blackstone Group Inc.
