Brentwood-based life science logistics company Cryoport has acquired an Australian competitor for $5 million, expanding its footprint in the Eastern Pacific shoreline.
Critical Transport Solutions Australia will serve as the company’s sixth logistics center across the globe and comes as the company looks to expand its network in the Asia-Pacific region. Cryoport launched a jointly operated logistics center in Osaka, Japan with its subsidiaries, Cryoport Systems and CRYOPDP, last year as part of an expansion into the region.
The company also has logistics centers in California, New Jersey and Amsterdam and distributes to more than 150 companies.
CTSA will bolster the company’s time- and temperature-critical distribution capabilities for the medical and pharmaceutical industries and help support incoming business from Cryoport customer Switzerland-based Novartis. CTSA will be a part of Cryoport's CRYOPDP business unit and will continue to be run by its current management team, according to a press release.
"Our acquisition of CTSA is what I like to refer to as a tactical acquisition with strategic impact. It is an accretive acquisition providing us with an important foothold in Australia, which is a top-five country in APAC for clinical trials and a strategic location from which we can build our client base in the region," Cryoport CEO Jerry Shelton said in the release. "The CRYOPDP team has worked closely with the CTSA team over the past two years. In that time, CTSA has proven its professionalism, client focus and commitment to providing exemplary service."
Shares of Cryoport (Ticker: CYRX) were up 2.5 percent to $51.63 Tuesday afternoon. They have risen slightly over the past six months.