BioLife Solutions (NASDAQ: BLFS) is starting the week with a bang. On Monday morning, the company announced it has signed a definitive agreement to purchase privately held SciSafe. The price is $30 million, which will be paid half in cash and half in newly issued BioLife common shares.
SciSafe's current investors also will be eligible for up to 626,000 additional shares if the assets from the business hit certain annual revenue milestones. The incentive plan will be in force for a period of four years, but BioLife did not provide any further details about the milestones to be hit. At BioLife's current share price, 626,000 shares would be worth just under $17 million.
In the wake of the announcement, BioLife's stock was trading down marginally, yet still outperforming the top equity market indexes.
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BioLife Solutions to Buy SciSafe in $30 Million Deal