BioLife Solutions has executed a share exchange agreement to effect the acquisition of SAVSU Technologies, a developer of advanced cold chain management tools for cell and gene therapies.
"SAVSU has established a critical and highly valued position as a best in class tools provider in the cell and gene therapy distribution ecosystem,” Mike Rice, BioLife CEO, said. “Their highly competitive approach offers the most advanced smart container and SaaS technologies, and a go-to-market strategy that enables the leading specialty couriers to offer a higher level of customer service. We look forward to announcing evo product adoption decisions by several marquee cell and gene therapy developers in the coming months."
"We issued 1.1 million common shares to purchase the 56% of SAVSU we did not own. We expect a modest revenue contribution for the balance of 2019 of approximately $500,000,” Roderick de Greef, BioLife Chief Financial Officer, said. “However, we believe that based on the successful conclusion of evaluations currently underway, which are expected to be finalized in the fourth quarter, the evo system product line could add $4 million to $6 million of incremental revenue in 2020.