Cryoport can now offer biostorage solutions for the life sciences industry with the expansion of its suite of temperature-controlled logistics solutions.
Cryoport, a US-based premier provider of cold chain logistics solutions for biopharmaceutical and other organizations, has reported the acquisition of Cryogene, an American specimen storage and sample processing company. According to Cryoport, the acquisition helps the company to include biostorage for life sciences in its suite of temperature-controlled logistics solutions. The acquisition could be accretive to Cryoport’s earnings with immediate effect and is structured as an asset purchase. Cryoport will benefit from the acquisition as its reputation of a world leader in industry-best temperature-controlled supply chain management solutions for life sciences is complemented by Cryogene’s own exceptional reputation.
“Cryoport welcomes Cryogene’s team. As Cryoport moves forward with the addition of temperature-controlled bioservices capabilities, Cryogene will be an important part of our company. In order to better serve the life sciences, and regenerative therapy especially, our company is further building out its ecosystem with the addition of Cryogene to our family,” said Cryoport’s CEO, Jerrell Shelton (source).
Cryoport to continue to take advantage of the rapid rise of the regenerative medicine market
“After careful discussions and research with Cryogene’s team for months, Cryoport was impressed with their focus on technology, regulatory compliance, quality, clients, and monitoring services protecting sensitive and high-value biopharmaceutical commodities during storage. Our company determined that Cryogene’s commitment to quality is aligned closely with our values and makes it an outstanding operational and strategic fit for Cryoport’s continuing development,” added Shelton.
Cryoport will be able to continue to cash in on the aggressive growth in the regenerative medicine market with the help of the acquisition of Cryogene. Moreover, it will be able to provide a more end-to-end material management solution with bioservices customized to the regenerative medicine market.
“On the behalf of all Cryogene employees, I can say that our company takes pride in being part of Cryoport and its industry-best initiatives providing life sciences with unequaled logistics, and now, biostorage solutions. Over the past 14 years, Cryogene has been building its business, and it is refreshing for our company to propel into helping to build a greater and larger endeavor, which will offer revolutionary services in the life sciences industry that is aggressively developing,” said Cryogene’s CEO, Marshall Griswold.