logo
Plus   Neg
Share
Email

BioLife Solutions To Buy Automated Thawing Device Maker Astero Bio

BioLife Solutions, Inc. (BLFS) announced Thursday that it has entered into an agreement to acquire privately-held Astero Bio Corp. for an upfront cash payment of $8.0 million.

In pre-market activity, BioLife shares were gaining around 1.8 percent to trade at $17.20.

Astero Bio is an innovator in the design, development and commercialization of novel automated thawing devices. Astero's ThawSTAR product line is expected to broaden BioLife's bioproduction tools portfolio.

The transaction is expected to be accretive on an adjusted EBITDA basis within 12 to 18 months. The company expects the revenue contribution in 2019 from the Astero product line will be relatively modest. However, by 2021, this could contribute as much as 15% of BioLife's total revenue.

Under the terms of the share purchase agreement, Astero shareholders are eligible to receive up to an additional $4.5 million in cash based on the completion of certain product development milestones and an additional $8.0 million in cash over the next three years based on attainment of specific revenue targets.

The transaction includes all Astero intellectual property comprised of 20 pending patents related to thawing and other cold chain technologies. The transaction is expected to close within 30 days.

This transaction is expected to further strengthen BioLife's position as a major supplier of disruptive, enabling solutions used in the manufacture, storage and distribution of cell and gene therapies.

In a recently published market research report, Infinium Global Research estimates that the worldwide market for automated thawing devices will exceed $150 million by 2024, driven by the growth in the number of cell and gene therapy clinical trials and approvals.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Just Egg, a plant-based egg alternative, will be available in 2,100 stores owned by grocery chain Kroger Co. later this month. The product launch comes as plant-based meat and egg alternatives gain traction in the country. Just Egg, a product of California-based food technology company Just Inc., will be available at Kroger-owned stores, including Kroger, Fred Meyer and Ralphs. Boeing has delivered the first 787-10 Dreamliner to Vietnam Airlines, the flag carrier of Vietnam, as part of the eight 787-10 Dreamliner airplanes to be delivered on lease through Air Lease. Vietnam Airlines said the 787-10 Dreamliner, claimed by Boeing to be the most fuel-efficient twin-aisle airplane in the industry, will help it raise the customer experience on the Hanoi to Ho Chi Minh route. The U.S. Food and Drug Administration or FDA announced on its website that pharma major Pfizer, Inc. issued recall of two lots of tablets meant to treat acute migraine in adults for concerns over bacteria infection. The pharma company is recalling two lots of Relpax (eletriptan hydrobromide) 40 mg tablets for potential presence of Genus Pseudomonas and Burkholderia bacteria.