Business
Cryoport Acquires Temperature-Controlled Logistics Provider in Australia
Acquisition Further Expands Cryoport's Presence in Asia-Pacific Region to Address Increased Clinical Trial Activity Worldwide NASHVILLE, Tenn., April 6, 2021
About this update from Cryoport, Inc.
[{"type":"text","content":"Acquisition Further Expands Cryoport's Presence in Asia-Pacific Region to Address Increased Clinical Trial Activity Worldwide\n\n\nNASHVILLE, Tenn., April 6, 2021 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (\"Cryoport\" or the \"Company\"), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced it has acquired Critical Transport Solutions Australia Pty Ltd (\"CTSA\"), a market leader in providing premium healthcare logistics management services, specializing in time- and temperature-critical solutions for the medical and pharmaceutical industries based in Australia, for approximately USD 5 million. CTSA will be a part of Cryoport's CRYOPDP business unit and will continue to be run by the current management team.\n\n \n \n \n \n \n \n\n \nAcquiring CTSA's distribution capabilities in Australia is expected to improve Cryoport's position to gain market share in APAC (Asia Pacific) as the number of clinical trials taking place in the region continues to increase. The CTSA acquisition follows the opening of Cryoport Systems and CRYOPDP's first jointly operated global logistics center in Osaka, Japan, in the fourth quarter of 2020 and forms part of the Company's ongoing expansion strategy in APAC. As regenerative therapies' global emergence continues and trials evolve from clinical-stage to commercial-stage, Cryoport believes that its enhanced global platform further makes it the clear choice to support pharmaceutical/biopharmaceutical companies in bringing their regenerative medicine therapies to market.\nAdditionally, on January 28th, 2020 Cryoport's customer Novartis announced that Kymriah® will be publicly funded following a recommendation from the Medical Services Advisory Committee (MSAC) for the treatment of eligible adult patients with relapsed or refractory diffuse large B cell lymphoma (DLBCL) in Australia. Novartis also announced an agreement with Cell Therapies to manufacture Kymriah at their production facility within the Peter MacCallum Cancer Centre in Melbourne. Cell Therapies is an Australia-based, globally active commercial contract development and manufacturing company, specializing in cell therapy, gene therapy, regenerative medicine, and cellular immunotherapy products.\n\"Adding this new country into CRYOPDP's global network will enable the Cryoport Gro...