BioLife Agreed to Repligen Deal as Revenue Growth Slowed
Preliminary second-quarter revenue reached $28.5 million ahead of an August results report.
BioLife Solutions (BLFS), a maker of biopreservation products for cell and gene therapies, agreed to be acquired by Repligen as preliminary second-quarter revenue rose 21% from a year earlier.
The pending transaction shifted attention from BioLife’s quarterly trajectory to its place in a larger life-sciences supplier. Repligen valued the company at approximately $1.5 billion on an enterprise-value basis, with BioLife shareholders set to receive $11.25 in cash and 0.1442 Repligen shares for each BioLife share.
Revenue increased from $23.4 million a year earlier, though the growth rate slowed from 25% in the first quarter. Sequentially, revenue rose about 4% from $27.5 million, easing from the first quarter’s 11% increase over the final quarter of 2024.
Commercial adoption of BioLife’s biopreservation media continued to expand. The products supported 18 approved therapies, up from 17 at the end of March and 16 at the end of December.
BioLife didn’t provide preliminary gross margin, operating income, net income or adjusted EBITDA. In the first quarter, the company reported a 64% gross margin, GAAP net income of $1.2 million and adjusted EBITDA of $6.2 million, equal to 22% of revenue.
The company also didn’t update or reiterate its prior 2025 revenue forecast of $112.5 million to $115.0 million. Full second-quarter results are scheduled for Aug. 6, though BioLife said it wouldn’t hold an earnings call because of the pending acquisition.
The cash-and-stock consideration was valued at $31.00 a BioLife share and represented a 24% premium to the company’s 90-day volume-weighted average price.