Brentwood-based life science distribution company Cryoport has acquired France-based Cell&Co BioServices, according to a press release.
The purchase price was 6.2 million euros, which amounts to about $6.8 million. The total included 3.6 million euros in cash and Cryoport common stock, plus a potential 2.5 million euros based on achieving certain financial targets.
Cryoport provides temperature-controlled supply chain offerings for medical materials to support cell and gene therapies. Cell&Co specializes in the management of biological and chemical samples.
"Cell&Co will play a significant role in Cryoport Systems' development of its Global Supply Chain Network, designed to meet the needs of the growing Regenerative Medicine industry worldwide,” Jerrell Shelton, CEO of Cryoport, said in a release. “In fact, on a global basis, industry experts expect that between now and 2027 approximately 30 to 50 new cell and gene therapies will be introduced into the market each year. Cell&Co's competencies combined with its location in the center of France makes it an excellent strategic fit for Cryoport Systems and will accelerate the expansion of its new Global Supply Chain Network by approximately two years.”
In the release, founders of Cell&Co said they anticipate the cell and gene therapy market to grow rapidly.
“The time was right for us to be part of an industry-leading organization such as Cryoport in order to support our business, expand our product solutions, and become a significantly larger player in the life sciences industry,” said founders Sofien Dessolin and Florent Belton.
Cryoport has seen rapid growth over the past couple of years, growing revenues four-fold during 2020, acquiring an Australian competitor and partnering with a Japanese pharma logistics company. The company also helped to distribute COVID-19 therapies.
Cryoport moved its headquarters to Brentwood from Southern California in 2020, and has 33 locations internationally