NASHVILLE, Tenn., April 6, 2021 /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 it has acquired Critical Transport
Solutions Australia Pty Ltd ("CTSA"), a market leader in
providing premium healthcare logistics management services,
specializing in time- and temperature-critical solutions for the
medical and pharmaceutical industries based in Australia, for approximately USD 5 million. CTSA will be a part of Cryoport's
CRYOPDP business unit and will continue to be run by the current
management team.
Acquiring CTSA's distribution capabilities in Australia is expected to improve Cryoport's
position to gain market share in APAC (Asia Pacific) as the number of clinical trials
taking place in the region continues to increase. The CTSA
acquisition follows the opening of Cryoport Systems and CRYOPDP's
first jointly operated global logistics center in Osaka, Japan, in the fourth quarter of 2020
and forms part of the Company's ongoing expansion strategy in
APAC. As regenerative therapies' global emergence continues
and trials evolve from clinical-stage to commercial-stage, Cryoport
believes that its enhanced global platform further makes it the
clear choice to support pharmaceutical/biopharmaceutical companies
in bringing their regenerative medicine therapies to market.
Additionally, on January
28th, 2020 Cryoport's customer Novartis
announced that Kymriah® will be publicly funded
following a recommendation from the Medical Services Advisory
Committee (MSAC) for the treatment of eligible adult patients
with relapsed or refractory diffuse large B cell lymphoma (DLBCL)
in Australia. Novartis also announced an agreement with Cell
Therapies to manufacture Kymriah at their production facility
within the Peter MacCallum Cancer Centre in Melbourne. Cell Therapies is an Australia-based, globally active commercial
contract development and manufacturing company, specializing in
cell therapy, gene therapy, regenerative medicine, and cellular
immunotherapy products.
"Adding this new country into CRYOPDP's global network will
enable the Cryoport Group of companies to develop additional
synergies in this specific country, providing end-to-end
Pharma/Biopharma Logistics Solutions to our global customers and
the local players in Australia.
"By this additional geographical coverage, we are also anticipating
the fast growing needs of our top strategic customers, to better
serve their expanded activities in this zone and to be always
closer to patients. As a strong customer and patient centric
organization our strategy is to continue to develop our
geographical footprint," said Cedric
Picaud, CEO,
CRYOPDP.
"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," said Jerrell Shelton, CEO, Cryoport. "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. Combining CRYOPDP's
global distribution network with CTSA's regional capability is
expected to increase our revenue base and provide economies of
scale. We are confident that CTSA and its able operating team will
be a strong addition to the Cryoport company portfolio in
APAC."
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 and
services, serving the Biopharma, Reproductive Medicine, and Animal
Health markets. Through its family of companies, Cryoport Systems,
MVE Biological Solutions, CRYOPDP and CRYOGENE, Cryoport provides
strategic solutions that support the growing needs of these
markets.
Forward-Looking Statements
Statements in this press release which are not purely
historical, including statements regarding the Company'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, those related to the
Company's industry, business, plans, strategy, acquisitions,
including CRYOPDP and MVE Biological Solutions, financial results
and financial condition. 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, 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 discussed in
the Company's Securities and Exchange Commission ("SEC") reports
including, but not limited to, the Company's Annual Report on Form
10-K for the three and twelve months ended December 31, 2020 and any subsequent filings with
the SEC. The forward-looking statements contained in this press
release speak only as of the date hereof and the Company cautions
investors not to place undue reliance on these forward-looking
statements. Except as required by law, the Company 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.