Repligen to buy BioLife Solutions in $1.5 billion cell therapy deal

Repligen Corp agreed to acquire BioLife Solutions in a cash-and-stock deal valued at about $1.5 billion, expanding the bioprocessing equipment maker's presence in the fast-growing cell therapy market.

"The acquisition of BioLife represents a natural next step in the evolution of our strategy and further strengthens our position as a leading provider of mission-critical technologies for biologics manufacturing," said Olivier Loeillot, president and chief executive officer of Repligen.

BioLife stockholders will receive $11.25 in cash and 0.1442 shares of Repligen common stock for each share, equating to $31 per share — a 24% premium to the 90-day volume-weighted average price through July 21. The consideration is split 64% in Repligen stock and 36% in cash, funded from cash on hand. Repligen expects pro forma cash and equivalents to exceed $300 million after closing, preserving capacity for additional acquisitions.

The deal positions Repligen to capture more of the cell and gene therapy market, where commercial revenues are projected to grow more than 20% annually through the end of the decade. BioLife's biopreservation media portfolio, led by CryoStor, supports 18 commercially approved therapies and the majority of U.S. commercially sponsored cell-based therapy trials. Repligen expects the transaction to add at least 5 cents to adjusted earnings per share in year one and at least 25 cents in year two, with cost synergies of at least $20 million and $30 million in years one and two, respectively, from eliminating public-company costs and optimizing manufacturing and supply chain. The financial projections assume only modest revenue synergies, leaving potential upside from cross-selling BioLife's products through Repligen's broader global reach, including in Asia Pacific.

The last time Repligen announced a major acquisition — its purchase of chromatography innovator Tantti in July 2025 — shares rose more than 16% in the following session, reflecting investor appetite for the company's bolt-on strategy in high-growth bioprocessing niches.

The boards of both companies unanimously approved the deal, which is subject to BioLife stockholder approval and customary regulatory clearances. Perella Weinberg and Goldman Sachs & Co. advised Repligen, while Centerview Partners advised BioLife. Goodwin Procter served as legal counsel to Repligen and K&L Gates to BioLife.

Repligen separately reported preliminary second-quarter revenue growth of about 12% as reported and 13% on an organic basis, with strong year-over-year margin expansion. BioLife posted preliminary second-quarter revenue of $28.5 million, up 21% from $23.4 million a year earlier. Both sets of results are unaudited and subject to change. Repligen plans to report full second-quarter results on July 28, while BioLife will report on Aug. 6.

This article is for informational purposes only and does not constitute investment advice.