NASHVILLE, Tenn., Oct. 1, 2020 /PRNewswire/ -- Cryoport, Inc.
(NASDAQ: CYRX) ("Cryoport" or the "Company"), the life sciences
industry's preeminent partner for temperature-controlled supply
chain solutions, today announced it has completed the acquisitions
of MVE Biological Solutions ("MVE"), a global leader in
manufactured vacuum insulated products and cryogenic freezer
systems and solutions, and CRYOPDP, a leading global provider of
innovative temperature-controlled logistics solutions for the
clinical research, pharmaceutical and cell and gene therapy
markets.
In 2019, MVE generated revenue of approximately $84 million and CRYOPDP generated approximately
$47 million of revenue. With the
closing of these acquisitions, Cryoport's annual revenue run rate
is over $160 million and both
acquisitions are expected to be immediately accretive to
earnings.
These two strategic acquisitions uniquely position Cryoport with
a comprehensive and global platform supporting the growing need for
fully integrated temperature controlled supply chain requirements
of the life sciences industry. MVE and CRYOPDP add significant
capabilities and competencies to Cryoport as well as markedly
expand its client coverage of the global cell and gene therapy
market. This newly formed end-to-end solutions platform
significantly enhances Cryoport's market position.
Jerrell Shelton, CEO of Cryoport,
said, "Based on market forecasts the cell and gene therapy market
will continue to grow rapidly for the next decade. The closing of
the acquisitions of MVE and CRYOPDP uniquely positions Cryoport to
answer the increasing demand for fully integrated temperature
controlled supply chain solutions in this fast growing global
market. The acquisitions are also expected to expand Cryoport's
total addressable market, provide our clients' with expanded
end-to-end support across the cell and gene therapy value chain and
enhance our innovation pipeline.
"We now support well over 500 of the preeminent companies in
biopharma and are positioned to be the global
leader in advanced temperature controlled supply chain solutions
tailored to the life sciences industry. Cryoport is an exceptional
company with a strong focus on customer service and bringing
innovative solutions to market. Our qualified and experienced
personnel around the world employ specialized industry know-how and
work closely with our sophisticated life sciences clients to
implement best-in-class solutions.
"We are excited by the prospects of our future as we vigorously
work to fulfill and maintain our mission of being the life sciences
industry's pre-eminent choice for temperature controlled supply
chain solutions supporting life and health on earth."
Blackstone Investment and Financing
In conjunction with the acquisition of MVE, the Company
completed its previously announced private placement issuance of
$25 million of common stock and
$250 million of newly designated
Series C Convertible Preferred Stock to funds affiliated with The
Blackstone Group Inc. (NYSE: BX) ("Blackstone"). In conjunction
with Blackstone's investment in Cryoport, Ram Jagannath, Senior
Managing Director and Global Head of Healthcare for Blackstone
Growth and Tactical Opportunities, joined the Board of Directors of
Cryoport.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX) is
redefining temperature controlled supply chain support for the life
sciences industry by continually broadening its platform of
solutions, serving the Biopharma, Reproductive Medicine, and Animal
Health markets. Through its family of companies, Cryoport Systems,
MVE, CRYOPDP and Cryogene, Cryoport provides strategic solutions
that will support the growing needs of these markets.
Our mission is to support life and health on earth through our
advanced technologies, global supply chain network and dedicated
scientists, technicians and supporting teams of professionals.
Cryoport serves clients in life sciences research, clinical trials,
and product commercializations. We support the creation of life,
the sustaining of life and life-saving advanced cell and gene
therapies 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, Inc.'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. These
forward-looking statements include, but are not limited to, the
potential benefit of Cryoport's acquisition of MVE and CRYOPDP and
the estimated or anticipated future business, performance and
results of operations following the transaction. It is important to
note that the Company'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, delays and unanticipated costs in integrating MVE and
CRYOPDP's businesses, risks and uncertainties associated with the
effect of changing economic conditions, trends in the products
markets, variations in the Company's cash flow, market acceptance
risks, and technical development risks. The Company's business
could be affected by a number of other factors, including the risk
factors listed from time to time in the Company's SEC reports
including, but not limited to, the Company's 10-K for the year
ended December 31, 2019 and the
Company's Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2020 and June 30, 2020 filed with the SEC. The Company
cautions investors not to place undue reliance on the
forward-looking statements contained in this press release.
Cryoport, Inc. 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.