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BioLife Solutions Expands Cell and Gene Therapy Tools Portfolio with Acquisition of Astero Bio
Friday 15 March 2019

15 March 2019 - US-based life science industry supplier BioLife Solutions, Inc. (NASDAQ: BLFS) has entered into an agreement to acquire automated thawing devices developer Astero Bio Corp for an upfront cash payment of USD 8m, the company said.

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

BioLife said it believes Astero's ThawSTAR product line broadens BioLife's bioproduction tools portfolio and increases the company's footprint and engagement level in its customers' cell and gene therapy manufacturing workflow.

Under the terms of the share purchase agreement, Astero shareholders are eligible to receive up to an additional USD 4.5m in cash based on the completion of certain product development milestones and an additional USD 8m 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.

Astero CEO and co-founder Samuel Kent, a seasoned life science tools sales and marketing executive, will join BioLife upon closing as vice president, Thaw Technology Sales.

The ThawSTAR product line is comprised of a family of automated thawing devices for frozen cell and gene therapies packaged in cryovials and cryobags.

The products improve the quality of administration of high-value, temperature-sensitive biologic therapies to patients by standardizing the thawing process and reducing the risks of contamination and overheating, which are inherent with the use of traditional water baths.

BioLife Solutions is a developer, manufacturer and supplier of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media for cells and tissues.

Its proprietary HypoThermosol and CryoStor platform of solutions are highly valued in the regenerative medicine, biobanking and drug discovery markets.

The company's biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death; offering commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function.
Date Published: 15/03/2019
Target: Astero Bio Corp
Country: USA
Deal Size: 8m (USD)
Sector: Biotechnology
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Buyer: BioLife Solutions, Inc