RGEN - Repligen to acquire FlexBiosys in cash stock deal
2023-04-12 11:48:39 ET
- Repligen ( NASDAQ: RGEN ) stock rose ~4% on Wednesday after the company said it was acquiring FlexBiosys in a cash and equity transaction.
- The company said it executed an equity purchase agreement with FlexBiosys, TSAP Holdings (NJ Seller), Gayle Tarry and Stanley Tarry, as individuals (collectively with NJ Seller, the 'sellers'), and Stanley Tarry, in his capacity as the representative of the sellers.
- Repligen noted that it will acquire all the outstanding equity interests in FlexBiosys for cash and equity consideration, plus performance-based earnout payments, which may be accrued through year-end 2024.
- FlexBiosys makes single-use bioprocess containers and manifold assemblies for research, development and manufacture of biopharmaceuticals. FlexBiosys generated $7M base (non-COVID) revenue in FY22.
- Repligen said the acquisition will accelerate its entry in single-use bag market with bioprocessing capabilities in 2D and 3D bags and complex tubing assemblies. The transaction also expands the company's single-use fluid management offering and will also add a 22K-square manufacturing facility.
- Repligen expects the acquisition to be accretive to adjusted EPS in 2024.
- The deal is expected to close during Q2 2023.
For further details see:
Repligen to acquire FlexBiosys in cash, stock deal