(RTTNews) - BioLife Solutions, Inc. (BLFS) announced Monday that it has entered into a definitive agreement to acquire all remaining outstanding shares of privately-held Sexton Biotechnologies, Inc., that it does not currently own, for $24.0 million, in consideration for 506,382 newly issued shares of BioLife common stock.
The proposed acquisition will enable BioLife Solutions to expand its cell and gene theraphy tools portfolio. Sexton's proprietary consumables and media products are embedded in more than 50 ongoing cell therapy clinical trials.
Taking into consideration liquidation preferences, BioLife will retain 19.9% of the consideration due to Sexton shareholders. BioLife plans to retain all Sexton team members and the current facility in the 16 Tech Innovation District in downtown Indianapolis.
The transaction is expected to close on or before September 1, 2021.
Sexton was spun out of Cook Regentec in 2019 with seed funding from BioCrossroads, BioLife Solutions, Casdin Capital and Cook Regentec. Sexton is expected to add $8 million in revenues to BioLife Solutions in 2022.
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