BioLife Solutions Expands Its Portfolio with the Acquisition of PanTHERA CryoSolutions

BioLife Solutions Expands Its Portfolio with PanTHERA CryoSolutions

In a strategic move to bolster its position as a leader in bioproduction consumables, BioLife Solutions, Inc., a recognized name in the development and supply of products for the cell and gene therapy market, has announced the acquisition of PanTHERA CryoSolutions. This acquisition is significant as it brings novel Ice Recrystallization Inhibitor (IRI) technology into BioLife's inventory, thus enhancing their existing biopreservation media offerings.

This latest acquisition marks the company's second venture stemming from its Bioproduction Innovation Accelerator program, initiated to nurture innovative technologies within the bioproduction landscape. PanTHERA, which has already made strides with its first-generation IRI technology, is set to further advance its research on next-generation formulations intending to integrate with BioLife's cryopreservation products.

The potential advantages of this technology are noteworthy. Expected to launch within the next 18 months, these new formulations could enhance cryopreservation outcomes while utilizing lower concentrations of dimethyl sulfoxide (DMSO) and reducing dependence on liquid nitrogen in storage and logistics. These advancements are crucial for organizations striving for efficiency in the handling of biological constructs, given the stringent conditions often required for their preservation.

Roderick de Greef, BioLife's Chairman and CEO, expressed enthusiasm about the acquisition. He stated, "This acquisition is an integral step in reinforcing BioLife's status as a dedicated consumables provider and supporter of advanced therapies. Additionally, PanTHERA's unique IRI technology will significantly enhance our fundamental competencies in biopreservation. Their knowledgeable team aligns well with our goal to provide innovative solutions tailored for the rapidly mutating cell and gene therapy sector."

Complementing this sentiment, Dr. Aby Mathew, BioLife’s Chief Scientific Officer, underscored the value PanTHERA adds to their scientific resources. He mentioned that the skills and expertise of PanTHERA’s team, particularly in collaboration with Drs. Jason Acker and Robert Ben, would drive forward the next era of cryopreservation technologies catering to the growing client base in the cell and gene therapy field.

Dr. Acker, part of PanTHERA, conveyed a sense of excitement regarding the new alliance, noting a shared vision between both companies that promises to yield significant opportunities aimed at optimizing cryopreservation technologies.

The terms of the acquisition delineate that BioLife is set to purchase the remaining 90% of PanTHERA's common shares, which were previously unacquired, for a considerable sum of $9.3 million in cash coupled with 241,355 shares of BioLife common stock. Furthermore, PanTHERA's shareholders stand to benefit from an additional $7.2 million in BioLife stock over three years, contingent on meeting specific scientific and revenue-related milestones.

About PanTHERA CryoSolutions: With a focus on advancing cryopreservation for vital biological materials, PanTHERA designs innovative solutions that enhance the recovery and quality of cells, tissues, and organs in both research and clinical environments. Their patented IRI technology aligns with growing market demands for effective and efficient storage strategies that minimize costs, particularly by eliminating the need for liquid nitrogen in some cell therapies.

About BioLife Solutions: As a leading supplier of tools and services for the cell and gene therapy market, BioLife Solutions plays an essential role in the commercialization of new therapy methodologies. The scope of their expertise spans maintaining the health and functionality of biological materials throughout their various stages, including collection, development, storage, and distribution.

This acquisition, accompanied by an innovative landscape and service offerings, demonstrates BioLife’s commitment to strong leadership within the industry, ensuring its clients have access to top-tier technologies and resources.