Cryoport to Acquire CRYOPDP for €49 Million to Expand Global Supply Chain

August 24, 2020 (Investorideas.com Newswire) Shares of Cryoport Inc. reached a new 52-week high after the company reported it signed an agreement to acquire French firm CRYOPDP in an all cash transaction valued at €49 million.

Cryoport Inc. (CYRX:NASDAQ) today announced the "expansion of its global supply chain network and services by signing an agreement to acquire CRYOPDP, a leading global provider of innovative temperature-controlled logistics solutions to the clinical research, pharmaceutical and cell and gene therapy markets."

The firm stated that, according to the terms of the agreement, Cryoport will acquire CRYOPDP for approximately €49 million in an all cash transaction, and the acquisition is subject to customary closing conditions and is expected to close within 60 days. Cryoport noted that in 2019 CRYOPDP generated over €42 million in revenue and that the transaction is expected to be immediately accretive to Cryoport's earnings upon closing.

The company indicated that CRYOPDP is headquartered in Paris and has more than 25 years experience serving the life sciences and healthcare industries. The firm explained that CRYOPDP provides customized and turnkey high-value transport solutions and handles greater than 300,000 time critical shipments each year across the globe. The firm advised that CRYOPDP's services include a large part of the healthcare temperature-controlled supply chain, including packaging, pick-pack kit preparation, premium services and specialty courier support.

The company's CEO Jerrell Shelton commented, "Our acquisition of CRYOPDP is an important milestone in carrying out Cryoport's strategy to further entrench and strengthen our global footprint and support capabilities for the entire life sciences industry and especially for the fastest growing segment of high value, lifesaving cell and gene therapies...CRYOPDP is especially strong in EMEA and APAC, where it enjoys a strong reputation as a valued specialist logistics provider to CROs (clinical research organizations), the pharmaceutical industry, and the life sciences clinical research community."

"The addition of CRYOPDP will enable us to further extend our capabilities into the full range of temperature-controlled supply chain solutions for the life sciences, as well as immediately expand our global infrastructure. The number of cellular and gene therapy trials is growing and with an increasing number of commercial therapies coming to market, this acquisition proactively strengthens our ability to meet the growing global demands of our life sciences clients, in research, clinical and commercial settings," Shelton added.

CRYOPDP is owned by Hivest Capital Partners, a French private equity firm based in Paris.

Cryoport is based in Nashville, Tenn., and offers logistics services for the life sciences industry by providing a platform of temperature-controlled supply chain solutions. The company states it serves the biopharmaceutical, reproductive medicine and animal health markets and has developed several proprietary system platforms enabling it to deliver vaccines, protein producing materials and IVF materials in more than 100 countries.

Cryoport began the day with a market cap of around $1.3 billion with approximately 38.78 million shares outstanding and a short interest of about 22%. CYRX shares opened higher today at $35.25 (+$1.11, +3.25%) over yesterday's $34.14 closing price and then reached a new 52-week high price this morning of $40.52. The stock has traded today between $35.24 and $40.52 per share and is currently trading at $38.85 (+$4.71, +13.80%).

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

More Info:

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Buy a crypto guest post on Investorideas.com