Brooks Automation Announces the Acquisition of Cool Lab, LLC
November 29 2016 - 5:05PM
Brooks Automation, Inc. (Nasdaq:BRKS) announced today that it has
acquired Cool Lab, LLC, a subsidiary of BioCision, LLC. Cool
Lab provides a range of innovative, patented, and/or patent-pending
applications for sample cooling and freezing, controlled rate
freezing, portable cryogenic transport and archival storage
solutions for customers’ temperature sensitive workflows. The
offerings address and assist in managing the temperature stability
of therapeutics, biological samples, and related biomaterials in
ultra-cold and cryogenic environments.
BioCision is a highly regarded innovator of products that
standardize biomaterial sample handling to increase the successful
outcomes of research, clinical and therapeutic discovery and
development. Brooks Automation has held an equity
interest in BioCision since 2014 and subsequently supported the
business with convertible debt and term note financing.
Through this relationship, BioCision and Brooks collaborated in the
development of advanced solutions in temperature control including
the CryoPod™ personal mobile carrier capable of maintaining
cryogenic temperatures for more than four hours. This
and other sample management lab products were transferred into Cool
Lab, a subsidiary of BioCision. Corning Life Sciences will
continue to be the global distributor of the innovative CoolCell®
cell cryopreservation systems, CoolBox™ ice-free sample preparation
systems, CoolRack® systems, and other associated products.
The Cool Lab product line includes the CryoPod™ and the suite of
products distributed by Corning.
“This acquisition is a successful outcome from our long
partnership with BioCision,” stated Dusty Tenney, president, Brooks
Life Science Systems. “The product line extends our range of
comprehensive sample management solutions that provide sample
integrity, quality and utility across the cold chain of custody for
our customers.”
“Brooks has been a great business partner for the last two
years, and their acquisition of the BioCision Cool Lab business
highlights the extent of our joint collaboration and developments,”
said Rolf Ehrhardt, MD, PhD, chief executive officer,
BioCision. Dr. Ehrhardt added, “Our strategic relationship
was driven by a focus on innovative products and the growing
customer needs for improved sample management workflows.”
The company reported that Cool Lab products generated
approximately $5 million in sales over the past twelve months at
gross margins supporting Brooks Life Science Systems target
margins. The acquisition of Cool Lab by Brooks is in exchange
for a cash payment of approximately $5 million and non-cash
consideration with a carrying value of approximately $9 million,
subject to the customary settlement of working capital
amounts. The non-cash consideration given by Brooks includes
the redemption and repurchase of its equity ownership interest in
BioCision and the cancellation of the convertible debt securities,
the term notes, and related interest receivables. The
acquisition results in the integration of Cool Lab into Brooks Life
Science Systems and eliminates Brooks’ financial interests in
BioCision.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation and
cryogenic solutions for multiple markets including semiconductor
manufacturing and life sciences. Brooks’ technologies, engineering
competencies and global service capabilities provide customers
speed to market and ensure high uptime and rapid response, which
equate to superior value in their mission-critical controlled
environments. Since 1978, Brooks has been a leading partner
to the global semiconductor manufacturing market. Since 2011,
Brooks has applied its automation and cryogenics expertise to meet
the sample storage needs of customers in the life sciences
industry. Brooks’ life sciences offerings include a broad
range of products and services for on-site infrastructure for
sample management in temperatures of ‑20°C to -150°C, as well as
comprehensive outsource service solutions across the complete life
cycle of biological samples including collection, transportation,
processing, storage, protection, retrieval and disposal.
Brooks is headquartered in Chelmsford, MA, with direct operations
in North America, Europe and Asia. For more information, visit
www.brooks.com.
“Safe Harbor Statement” under Section 21E of the
Securities Exchange Act of 1934
Some statements in this release are forward-looking statements
made under Section 21E of the Securities Exchange Act of 1934.
These statements are neither promises nor guarantees but involve
risks and uncertainties, both known and unknown, that could cause
Brooks' financial and business results to differ materially from
our expectations. They are based on the facts known to management
at the time they are made. These forward-looking statements
include, but are not limited to statements about the anticipated
benefits of the acquisition of Cool Lab, and the expected future
capabilities of the combined companies. Factors that could cause
results to differ from our expectations include the following:
potential difficulties with the integration of the Cool Lab
business into Brooks Life Science Systems and potential adverse
reactions or changes to business relationships resulting from
Brooks’ ownership of the Cool Lab business. In addition,
actual results are subject to other risks that relate more broadly
to Brooks’ overall business, including those that we have described
in our filings with the Securities and Exchange Commission,
including but not limited to our Annual Report on Form 10-K,
current reports on Form 8-K and our quarterly reports on Form 10-Q.
As a result we can provide no assurance that our future results
will not be materially different from those projected. Brooks
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect
any change in our expectations or any change in events, conditions
or circumstances on which any such statement is based. Brooks
undertakes no obligation to update the information contained in
this press release.
CONTACTS: Lynne Yassemedis Brooks Automation 978.262.2400
lynne.yassemedis@brooks.com
John Mills Senior Managing Director ICR, LLC 646.277.1254
john.mills@icrinc.com
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