BioLife Solutions Acquires Savsu Technologies to Enhance Cold Chain Solutions for Cell and Gene Therapy

VCBeat (WeChat ID: vcbeat) recently learned from foreign media that BioLife Solutions (NASDAQ: BLFS), a leading developer and supplier of bioproduction tools for the cell and gene therapy industry, announced on August 9, 2019, local time, that it had executed an equity exchange agreement to complete the acquisition of Savsu Technologies.

Savsu Technologies is a leading developer of advanced cold chain management tools for cell and gene therapies. The private company designs and manufactures innovative, cloud-connected, high-performance passive storage and transport containers, and provides cloud-based applications for the cold chain of temperature-sensitive biologics and pharmaceuticals. Its products can significantly reduce the spoilage rate of active pharmaceutical ingredients and biologics caused by temperature deviations during transportation.

BioLife Solutions is a leading supplier of tools for cell and gene therapy. Its patented CryoStor cryopreservation media and HypoThermosol transport and storage media are highly valuable in the fields of regenerative medicine, biobanking, and drug development. These biopreservation media are completely serum-free and protein-free, customizable, and effectively reduce cell damage and death caused by the preservation process. The company’s recent acquisition of the Thawstar series of automated cell thawing products and the EVO cold chain management system will effectively mitigate risks.

This acquisition is expected to further strengthen BioLife Solutions’ position as a leading provider of disruptive solutions for the manufacturing, storage, and distribution sectors of the cell and gene therapy industry. Savsu Technologies’ EVO system will expand BioLife Solutions’ bioproduction toolkit, thereby increasing the company’s engagement in its customers’ cell and gene therapy manufacturing workflows.

Mike Rice, CEO of BioLife Solutions, emphasized, “Savsu Technologies has established its industry position within the cell and gene therapy distribution ecosystem, becoming a top-tier tool provider. Its highly competitive approach introduces state-of-the-art smart containers and SaaS technology, along with market-oriented strategies, enabling leading specialty courier companies to deliver higher levels of customer service. We look forward to decisions by several cell and gene therapy developers to adopt EVO products in the coming months.”

Roderick de Greef, Chief Financial Officer of BioLife Solutions, stated, “We issued 1.1 million shares of common stock to acquire a 56% stake in Savsu Technologies. This acquisition is expected to reduce revenue by approximately $500,000 for the remainder of 2019. However, based on the findings of an ongoing assessment (expected to be completed in the fourth quarter), the EVO system product line is projected to generate $4–6 million in incremental revenue for the company in 2020.”