NASHVILLE, Tenn., Aug. 21, 2020 /PRNewswire/ -- Cryoport, Inc.
(NASDAQ: CYRX) ("Cryoport" or the "Company"), a global leader in
temperature-controlled supply chain solutions for the life sciences
industry, today announced the expansion of its global supply chain
network and services by signing an agreement to acquire CRYOPDP, a
leading global provider of innovative temperature-controlled
logistics solutions to the clinical research, pharmaceutical and
cell and gene therapy markets, headquartered in Paris, France. The agreement provides for
Cryoport to acquire CRYOPDP in an all cash transaction valued at
approximately €49 million. CRYOPDP generated over €42 million
of revenue in 2019 and is expected to be immediately accretive to
Cryoport's earnings upon closing. The acquisition is expected
to close within 60 days, subject to customary closing
conditions.
CRYOPDP has over 220 dedicated employees located in 22
global facilities in 12 countries and has more than 25 years of
experience serving the life sciences and healthcare industries,
providing customized and turnkey transport solutions, with over
300,000 high-value, time critical annual shipments globally.
CRYOPDP covers a significant portion of the healthcare
temperature-controlled supply chain including packaging, pick-pack
kit preparation, premium services and specialty courier
support.
Upon completion of the acquisition, CRYOPDP will provide
significant complementary synergies with Cryoport's operating
entity, Cryoport Systems, with very limited overlap in capabilities
and infrastructure, from a geographic as well as service and
product support standpoint. As a Cryoport company,
CRYOPDP will strengthen Cryoport's geographic footprint and
infrastructure within Europe, the
Middle East and Africa ("EMEA") and the Asia Pacific ("APAC") regions, all of which
are emerging high growth areas in the biopharma and the cell and
gene therapy market.
Working closely with Cryoport Systems, CRYOPDP will support the
life sciences supply chain across the full spectrum of controlled
temperature ranges and create significant global cross-selling
opportunities. As a unified platform, the parties believe that
both Cryoport Systems and CRYOPDP will be able to provide
market leading support to the most complex and highest value life
sciences product supply chains. In conjunction with Cryoport
Systems' Cryoportal® Logistics Management Platform,
CRYOPDP's complementing UnITy ITSM platform will create
an integrated global logistics solution that guarantees customers
full visibility, control and integrity of the "chain of custody"
and "chain of condition" providing end-to-end operational
excellence across all temperature ranges worldwide. This unified
global capability falls into Cryoport's Chain of
Compliance®, which is an important part of Cryoport's
continuous efforts dedicated to de-risking the entirety of the life
sciences supply chain processes for its clients.
Jerrell Shelton, Chief Executive
Officer of Cryoport, said, "Our acquisition of CRYOPDP is an
important milestone in carrying out Cryoport's strategy to further
entrench and strengthen our global footprint and support
capabilities for the entire life sciences industry and especially
for the fastest growing segment of high value, lifesaving cell and
gene therapies. CRYOPDP is made up of a strong team of
professionals and led by experienced and highly motivated
leadership. CRYOPDP is especially strong in EMEA and APAC,
where it enjoys a strong reputation as a valued specialist
logistics provider to CROs (clinical research organizations), the
pharmaceutical industry, and the life sciences clinical research
community. Over the coming months we anticipate focusing more
attention on the fast-growing cell and gene therapy industry, where
CRYOPDP will play an increasing role. CRYOPDP's best-in-class
temperature-controlled logistics solutions are complementary to
Cryoport Systems' existing offering, which will allow both
companies to leverage each other's strengths and expand our high
growth profile as well as provide a broader array of
temperature-controlled supply chain solutions to our respective
client bases through coordinated cross-selling and up-selling of
our new unified capabilities."
"Life science industry participants, including clients of
Cryoport Systems and CRYOPDP, regularly provide feedback about
operational "pain points" and areas in which they would like to see
Cryoport develop in order to provide end-to-end supply chain
support of their clinical and commercial portfolios. The addition
of CRYOPDP is a move that we believe addresses this feedback.
Together with our organic growth initiatives to build our
robust software infrastructure and the most advanced
temperature-controlled global supply chain network, this addition
of CRYOPDP will enable us to further extend our capabilities
into the full range of temperature-controlled supply chain
solutions for the life sciences, as well as immediately expand our
global infrastructure. The number of cellular and gene therapy
trials is growing and with an increasing number of commercial
therapies coming to market, this acquisition proactively
strengthens our ability to meet the growing global demands of our
life sciences clients, in research, clinical and commercial
settings. We are looking forward to closing this transaction
and officially welcoming the CRYOPDP team to Cryoport, Inc.,"
concluded Mr. Shelton.
Conference Call
Cryoport management will host a conference call and webcast,
including a slide deck, at 8:30am ET on Friday, August 21, 2020 to discuss the
acquisition.
Conference Call Information
Date:
|
Friday, August 21,
2020
|
Time:
|
8:30 a.m.
ET
|
Dial-in
numbers:
|
+1 855-327-6837
(U.S.), +1 631-891-4304 (International)
|
Confirmation
code:
|
Request the "Cryoport
Shareholder Call"
|
Webcast and
slides:
|
'Investor Relations'
section at www.cryoport.com or at this link. Please allow 10
minutes prior to the call to visit this site to download and
install any necessary audio software.
|
The call will be recorded and available approximately three
hours after completion of the live event on the Investor Relations
section of the Company's website at www.cryoport.com for a
limited time. To access the replay of the questions and answers,
please follow this link. A dial-in replay of the call will also be
available, to those interested, until August
28, 2020. To access the replay, dial +1 844 512 2921
(United States) or +1 412-317-6671
(International) and enter replay pin number: 10010738.
About CRYOPDP
One of the top leaders in its field, CRYOPDP aims to
improve the health of people around the world by providing global
innovative temperature-controlled logistics solutions to the
Clinical Research and Cell & Gene Therapy Communities. With
headquarters in France,
CRYOPDP has over 220 employees in 12 countries and operates in
150 countries. CRYOPDP is owned by Hivest Capital Partners, a
French Private Equity Company based in Paris.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX) is redefining logistics for the
life sciences industry by providing a platform of
temperature-controlled supply chain solutions, serving the
Biopharma, Reproductive Medicine, and Animal Health markets.
Our mission is to support life and health on earth by providing
reliable and comprehensive solutions for the life sciences industry
through our advanced technologies, global supply chain network and
dedicated scientists, technicians and supporting team of
professionals. Through its purpose-built, proprietary Cryoport
Express® Shippers; Cryoportal® information
technology; validated Global Logistics Centers; smart and
sustainable temperature-controlled logistics; and
biostorage/biobanking services, Cryoport serves clients in life
sciences research, clinical trials, and product commercialization.
We support life-saving advanced cell and gene therapies and deliver
vaccines, protein producing materials, and IVF materials in over
100 countries around the world. For more information, visit
www.cryoport.com or follow @cryoport on Twitter at
www.twitter.com/cryoport for live updates.
Forward-Looking Statements
Statements in this news release which are not purely historical,
including statements regarding Cryoport's intentions, hopes,
beliefs, expectations, representations, projections, plans or
predictions of the future are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words or phrases such as "believe," "may," "could," "will,"
"estimate," "continue," "anticipate," "intend," "seek," "plan,"
"expect," "should," "would" or similar expressions are intended to
identify forward-looking statements. Forward-looking statements are
based on current beliefs and assumptions that are subject to risks
and uncertainties.
These forward-looking statements include, but are not limited
to, statements concerning the potential benefit of Cryoport's
acquisition of CRYOPDP and the estimated or anticipated future
business, performance and results of operations following the
transaction. It is important to note that Cryoport's actual
results could differ materially from those in any such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, (1) the
conditions to the closing of the CRYOPDP acquisition may not
be satisfied; (2) the CRYOPDP acquisition may involve
unexpected costs, liabilities or delays; (3) the business of the
Company may suffer as a result of uncertainty surrounding the
CRYOPDP acquisition; (4) the occurrence of any event, change
or other circumstances that could give rise to the termination of
the CRYOPDP acquisition agreement; (5) risks and uncertainties
associated with the effect of changing economic conditions, (6)
trends in the products markets, (7) variations in Cryoport's cash
flow, (8) market acceptance risks, (9) technical development
risks and (10) other risks to the consummation of the
CRYOPDP acquisition, including the risk that the
CRYOPDP acquisition will not be consummated within the
expected time period or at all. Cryoport's business could be
affected by a number of other factors, including the risk factors
listed from time to time in Cryoport's SEC reports including, but
not limited to, Cryoport's 10-K for the year ended December 31, 2019, Cryoport's Quarterly Report on
Form 10-Q for the quarter ended June 30,
2020 and any subsequent filings with the SEC. Cryoport
cautions investors not to place undue reliance on the
forward-looking statements contained in this press release, which
speak only as of the date of this press release. Except as required
by law, Cryoport disclaims any obligation, and does not undertake,
to update or revise any forward-looking statements in this press
release.
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SOURCE Cryoport, Inc.