Repligen to Buy BioLife in $1.5 Billion Cash-and-Stock Deal
The acquisition would expand Repligen’s cell-therapy offering with a biopreservation business built on recurring consumables revenue.
Repligen Corporation (RGEN) agreed to acquire BioLife Solutions, Inc. (BLFS) for an enterprise value of approximately $1.5 billion, adding cell-processing tools and biopreservation media to its biologics-manufacturing portfolio. The mixed transaction comprised 64% Repligen stock and 36% cash, and both companies’ boards unanimously approved it.
BioLife stockholders would receive $11.25 a share in cash and 0.1442 Repligen share for each BioLife share, for total consideration valued at $31.00 a share. The offer represented an implied 24% premium to BioLife’s 90-day volume-weighted average price through July 21. Repligen planned to fund the cash portion from cash on hand.
Repligen said the acquisition would deepen its presence in cell therapy, broaden the products it supplies to customers and add a high-margin consumables business with recurring revenue. Olivier Loeillot, Repligen’s president and chief executive, said: “The acquisition of BioLife represents a natural next step in the evolution of our strategy and further strengthens our position as a leading provider of mission-critical technologies for biologics manufacturing. BioLife brings a highly differentiated portfolio of products including a market-leading biopreservation media platform and other cell processing tools. This opportunity will expand Repligen’s presence in the rapidly growing cell therapy market, broaden our solutions offering to cell therapy customers, and add a deeply embedded, high-margin consumables business with attractive recurring revenue. Just as important, we believe our shared culture of innovation and customer centricity will create a strong foundation for future growth and value creation.”
BioLife develops products and services that help preserve the health and function of biological materials during collection, development, storage and distribution for cell-and-gene therapies and the broader biopharma market. Its CryoStor biopreservation media supports 18 commercially approved therapies and a majority of commercially sponsored U.S. cell-based therapy trials, according to the companies. Repligen expects BioLife’s customer relationships to complement its own global commercial reach, including in the Asia-Pacific region.
The companies projected commercial cell-therapy revenue to grow more than 20% annually through the end of the decade. Repligen expects the combination to lift its revenue growth and adjusted margins and add at least 5 cents to adjusted earnings a share in the first year and at least 25 cents in the second. It also expects at least $20 million of first-year synergies and at least $30 million in the second year, primarily from eliminating public-company costs, improving general and administrative efficiency, and optimizing manufacturing and the supply chain.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory clearances, BioLife stockholder approval and other customary conditions. Repligen expects to retain more than $300 million of pro forma cash and cash equivalents after closing, leaving capacity for additional acquisitions and investment as it integrates BioLife’s recurring-revenue platform into its cell-therapy business.