Repligen Corporation Announces Agreement to Acquire Polymem S.A.
June 22 2021 - 6:30AM
Repligen Corporation (NASDAQ:RGEN), a life sciences company focused
on bioprocessing technology leadership, today announced that it has
entered into an agreement to acquire Toulouse, France based Polymem
S.A. (“Polymem”), a leading industrial expert in the development
and manufacture of hollow fiber membranes and modules.
Tony J. Hunt, President and CEO of Repligen, said, “We are
delighted to have Jean-Michel, Franc and the Polymem team join the
Repligen family. The acquisition significantly expands our hollow
fiber membrane and module production capabilities and adds core
R&D, engineering and production expertise in hollow fiber
technology for both industrial and bioprocessing markets. The
business complements what we have already in place at our Rancho
Dominguez site and establishes a world-class center of excellence
in Europe to meet the accelerating demand for hollow fiber products
and to serve our rapidly expanding global customer base.”
Jean-Michel Espenan, President of Polymem, said, “Since
co-founding the company in 1997, Polymem has remained true to our
expertise in hollow fiber membrane development and manufacturing
for industrial and life sciences applications. By joining forces
with Repligen, we now have the opportunity to focus on two market
segments, Municipal/Industrial and Bioprocessing, each with very
similar needs and demands. This deal further extends our market
reach, allowing us to boost our growth across both our historical
Municipal/Industrial markets and the Bioprocessing market. We
continue to increase capacity with the extension of our production
site in Castanet-Tolosan, south of Toulouse, and we look forward to
working together with Repligen to further penetrate our core
markets.”
Jean-Michel Espenan and Franc Saux will stay on with the company
in their current respective roles of President and Technical
Director. The proposed acquisition is expected to close during
Repligen’s third fiscal quarter of 2021, subject to the
satisfaction of customary closing conditions. To fund the
transaction, Repligen intends to use its cash on hand which totaled
approximately $711 million at March 31, 2021. Additional financial
details were not disclosed. Perella Weinberg Partners LP is acting
as financial advisor and Goodwin Procter LLP is serving as legal
counsel to Repligen.
About Repligen CorporationRepligen 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. We are inspiring advances in bioprocessing for the customers
we serve; primarily biopharmaceutical drug developers and contract
development and manufacturing organizations (CDMOs) worldwide. Our
corporate headquarters are located in Waltham, Massachusetts, with
additional administrative and manufacturing operations worldwide.
The majority of our manufacturing sites are located within the U.S.
(California, Massachusetts, New Jersey and New York), and outside
of the U.S. we have sites in Estonia, Germany, Ireland, the
Netherlands and Sweden.
About Polymem Polymem S.A., located
outside of Toulouse in southwestern France, was established in 1997
by two engineers specializing in hollow fiber membrane technology.
The company has grown into a team of 60 people, dedicated to the
development and manufacture of hollow fiber membranes, membrane
modules and systems. These products are used in water treatment,
solid/liquid separation, gas separation, liquid/gas transfer and
bioprocessing applications. Polymem anticipated the demands of the
worldwide municipal and industrial markets and is now recognized
not only for its ability to develop innovative products, but also
for the quality of its production of membranes, cartridges and
modules for various applications and sectors.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
federal securities laws. Investors are cautioned that statements in
this press release which are not strictly historical statements
including, without limitation, express or implied statements or
guidance regarding the expected results of the proposed acquisition
of Polymem on Repligen’s future financial performance, including
the accretive nature and the timing of the accretive nature of the
acquisition, expected synergies following the acquisition of
Polymem, customer adoption of Polymem’s products, the expected
expansion of Repligen’s product lines, the timing of the closing of
the acquisition and other statements identified by words like
“believe,” “expect,” “may,” “will,” “should,” “seek,” or “could”
and similar expressions, constitute forward-looking statements.
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; our ability to integrate Polymem’s
business and personnel and to achieve expected synergies; our
ability to maintain or expand Polymem’s historical sales; our
ability to accurately forecast the acquisition, related
restructuring costs and allocation of the purchase price, goodwill
and other intangibles acquisition related and other asset
adjustments; 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 Repligen contemplated by these
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. These forward-looking
statements reflect management’s current views and are based only on
information currently available to us. Repligen does not undertake
to update, whether written or oral, any of these forward-looking
statements to reflect a change in its views or events or
circumstances, whether as a result of new information or otherwise,
that occur after the date hereof except as required by law.
Repligen Contact: Sondra S. NewmanGlobal Head
of Investor Relations(781) 419-1881investors@repligen.com
Polymem S.A. Contact: Isabelle
DucheminMarketing and Commercial Manager +33 (0) 786 008
625iduchemin@polymem.fr
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