Cryoport Acquires Cell&Co BioServices
Cryoport, Inc. (Nasdaq: CYRX) (“Cryoport” or the “Company”), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced that it has acquired Cell&Co BioServices, headquartered in Clermont-Ferrand, France with additional operations in Pont-du-Château, France. Founded in 2012, Cell&Co is a bioservices business providing biorepository, kitting, and logistics services to the life sciences industry. Its accreditations include ISO 9001, ANSM (Investigational Medicinal Products), NFS 96 900, and soon, ISO 20387. Supporting its biostorage and services of clinical and commercial biopharma therapies, Cell&Co has in-house QP services.
In 2021, Cell&Co recorded revenue of approximately €2.6 million. Cryoport’s purchase price for Cell&Co was €6.2 million, comprised of upfront consideration of €3.6 million in the form of cash and Cryoport common stock, plus a potential earn-out of €2.5M based on achieving certain financial targets.
Regarding the acquisition, Jerrell Shelton, Chief Executive Officer of Cryoport, stated, “We are indeed pleased to have the Cell&Co team as a part of Cryoport. Cell&Co will play a significant role in Cryoport Systems’ development of its Global Supply Chain Network, designed to meet the needs of the growing Regenerative Medicine industry worldwide. In fact, on a global basis, industry experts expect that between now and 2027 approximately 30 to 50 new cell and gene therapies will be introduced into the market each year. Cell&Co’s competencies combined with its location in the centre of France makes it an excellent strategic fit for Cryoport Systems and will accelerate the expansion of its new Global Supply Chain Network by approximately two years.
“Coupled with our new Global Supply Chain Centers in Houston, Texas and Morris Plains, New Jersey, Cell&Co will add significantly to the development of Cryoport Systems’ global service offering. It will also provide Cryoport Systems with an EU site for importation services for non-EU clients, which will add significant value for our clients and create additional opportunities for U.S. based regenerative medicine developers looking to conduct clinical trials or commercially distribute cell and gene therapies in EMEA.”
Sofien Dessolin and Florent Belon, founders of Cell&Co BioServices made a joint statement saying, “The cell and gene therapy market is expected to grow rapidly and is a significant focus for us. We are proud of the work we have accomplished and even more of joining the Cryoport group with its objective of making medical innovation achievable and more reliable for the benefit of patients around the world. It is a source of great pride and a huge motivating factor. The time was right for us to be part of an industry-leading organization such as Cryoport in order to support our business, expand our product solutions, and become a significantly larger player in the life sciences industry. We are excited to be part of Cryoport’s strategic platform in the advanced therapies space in EMEA and look forward to continuing to lead Cell&Co as an integral part of Cryoport as it builds out its Global Supply Chain Network and other services.”
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), headquartered in Nashville, TN, is a global leader in temperature-controlled supply chain solutions for the life sciences industry supporting life-saving cell and gene therapies across the clinical and commercial spectrum. With 33 strategic locations covering the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific), Cryoport’s global platform provides mission-critical solutions, services, and products to Biopharma, Animal Health, and Reproductive Medicine customers worldwide. In addition to its standard setting supply chain solutions, Cryoport is the world’s largest manufacturer of cryogenic systems and one of the largest life science focused specialty couriers. As of December 31, 2021, Cryoport supported eight commercial cell and gene therapies and 602 regenerative medicine clinical trials globally, with 74 of these trials in Phase 3.
About Cell&Co BioServices
Cell&Co BioServices’ role is to provide the highest quality of service for its customers collections and related data throughout their life cycle: collection, production, transport, receipt, preparation, analysis, storage, dispatch and disposal. Cell&Co is a trusted partner of manufacturers and laboratories involved in a variety of life sciences markets. By maximizing the quality of the samples and related data entrusted to it, Cell&Co optimizes their value to customers current and future projects. Cell&Co combines state-of-the-art technology with dynamic, professional and specialist personnel, underpinned by a unique work philosophy. Mindful of the importance of security and standardization in the industry, Cell&Co BioServices is committed to offering services of the highest quality and to developing innovative solutions to support customers’ work in the fields of R&D, quality control, clinical trials, and bioproduction.