Business
Cryoport Completes Acquisitions of MVE Biological Solutions and CRYOPDP
Cryoport fortifies its position as a leading global provider of temperature-controlled life sciences solutions with a combined revenue run rate of over $160
About this update from Cryoport, Inc.
[{"type":"text","content":"Cryoport fortifies its position as a leading global provider of temperature-controlled life sciences solutions with a combined revenue run rate of over $160 million\n Blackstone invests $275 million\n\n\nNASHVILLE, Tenn., Oct. 1, 2020 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (\"Cryoport\" or the \"Company\"), the life sciences industry's preeminent partner for temperature-controlled supply chain solutions, today announced it has completed the acquisitions of MVE Biological Solutions (\"MVE\"), a global leader in manufactured vacuum insulated products and cryogenic freezer systems and solutions, and CRYOPDP, a leading global provider of innovative temperature-controlled logistics solutions for the clinical research, pharmaceutical and cell and gene therapy markets.\n\n \n \n \n \n \n \n\n \nIn 2019, MVE generated revenue of approximately $84 million and CRYOPDP generated approximately $47 million of revenue. With the closing of these acquisitions, Cryoport's annual revenue run rate is over $160 million and both acquisitions are expected to be immediately accretive to earnings. \nThese two strategic acquisitions uniquely position Cryoport with a comprehensive and global platform supporting the growing need for fully integrated temperature controlled supply chain requirements of the life sciences industry. MVE and CRYOPDP add significant capabilities and competencies to Cryoport as well as markedly expand its client coverage of the global cell and gene therapy market. This newly formed end-to-end solutions platform significantly enhances Cryoport's market position.\nJerrell Shelton, CEO of Cryoport, said, \"Based on market forecasts the cell and gene therapy market will continue to grow rapidly for the next decade. The closing of the acquisitions of MVE and CRYOPDP uniquely positions Cryoport to answer the increasing demand for fully integrated temperature controlled supply chain solutions in this fast growing global market. The acquisitions are also expected to expand Cryoport's total addressable market, provide our clients' with expanded end-to-end support across the cell and gene therapy value chain and enhance our innovation pipeline. \n\"We now support well over 500 of the preeminent companies in biopharma and are positioned to be the global leader in advanced temperature controlled supply chain solutions tailored to the ...