ARTeSYN Biosolutions Announces Agreement for Sale to Repligen Corporation
Waterford, Ireland, October 27, 2020 – ARTeSYN BioSolutions (“ARTeSYN”) today announced that it has entered into a definitive agreement for its sale to Repligen Corporation (NASDAQ: RGEN) for approximately $200 million, comprised of approximately $130 million in cash and approximately $70 million in Repligen common stock. 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. 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 further establishes Repligen as a premier player in single-use systems and associated integrated flow path assemblies.
Tony J. Hunt, President and CEO of Repligen said, “The addition of ARTeSYN Biosolutions 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 team 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
Repligen’s 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.
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 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 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. Repligen is inspiring advances in bioprocessing for the customers it serves; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Repligen’s corporate headquarters are located in Waltham, MA (USA), and it has 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.
The following constitutes a “Safe Harbor”
statement under the Private Securities Litigation Reform Act of 1995: This press
release contains forward-looking statements, which are made pursuant to the
safe harbor provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Investors are cautioned that statements in this press release which are not
strictly historical statements, constitute forward-looking statements,
including, without limitation, express or implied statements or guidance
regarding the expected results of the ARTeSYN Biosolutions acquisition on
Repligen’s future financial performance,
including the accretive nature of the acquisition and expected synergies
following the acquisition, , the timing of the closing of the acquisition, and
other statements identified by words like “believe,” “expect,” “may,” “will,”
“should,” “seek,” “anticipate,” or “could” and similar expressions. Such
forward-looking statements are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those anticipated, including,
without limitation, risks associated with: the risk that the proposed
acquisition may not be completed in a timely manner, or at all; the occurrence
of any event, change or other circumstance that could give rise to the
termination of the acquisition; impact the integration of ARTeSYN Biosolutions’
businesses and personnel to achieve expected synergies; impact the retention or
expansion of the historical sales of ARTeSYN Biosolutions; and other risks
detailed in Repligen’s most recent Annual Report on Form 10-K on file with the
Securities and Exchange Commission and the other reports that Repligen
periodically files with the Securities and Exchange Commission. Actual results
may differ materially from those contemplated by these forward-looking statements.
Neither Repligen nor ARTeSYN Biosolutions undertakes to update any of these
forward-looking statements to reflect a change in its views or events or
circumstances that occur after the date hereof except as required by law.