Mon, Apr. 4, 9:53 AM
- Repligen (RGEN +2.5%) acquires Weingarten, Germany-based Atoll GmBH in a cash-and-stock deal valued at $22.5M. The transaction also includes an additional payment of €1M contingent on achieving a certain revenue target this year.
- The company purchased Atoll from UV-Cap GmbH & Co. for $9.1M in cash and 538,700 shares of Repligen common stock.
- It expects Atoll, a maker of pre-packed chromatography columns, to generate $3.0M - 3.5M in sales for the remaining nine months of this year. Non-GAAP EPS should be break-even in 2016 and accretive in 2017 (GAAP).
May 13, 2015, 2:34 PM
- Danaher (DHR +1.2%) paid a high price in its $127.20/share deal for Pall (PLL +4.5%), valuing the filtration and purification company at ~22x EBITDA in the last year, roughly double the median multiple paid for big industrial and life sciences equipment acquisitions in the last five years, according to Bloomberg.
- But Janney analysts like the purchase and DHR's decision to split itself into two companies, noting DHR had less than 5% exposure to the rapidly growing pharma/biotech end-markets; the consolidation enables it to penetrate the rapidly growing biopharma market and will more than double DHR’s exposure to pharmaceutical customers.
- PLL is the no. 2 or no. 3 player in the overall bioproduction market, accounting for one-third of revenues, and is growing at a 10%-plus organic clip with 25%-30% margins, the firm says, adding that it expects continued strong growth as industry dynamics are still evolving.
- Janney thinks more acquisitions could be on the way, speculating that DHR/PLL could circle Repligen (NASDAQ:RGEN) on the belief that bioproduction media remains a gap in its product portfolio.
Jun. 3, 2014, 8:15 AM
- Repligen (RGEN) acquires Refine Technology for $24.5M in cash ($20.5M) and stock (215,285 shares). The acquisition agreement also includes contingent milestone payments of up to $8.75M based on certain revenue targets through 2016 and a capped royalty provision of up to $2.15M for above-target revenues for the period.
- The buy strengthens the company's bioprocessing business. The crown jewel in the transaction is Refine's Alternating Tangential Flow System. It is a filtration device that significantly improves product yield during the fermentation step in biologic drug manufacturing. It accomplishes this by continuously removing waste products from the fermentor. This increases cell densities 2x - 3x greater than the levels attained by standard batch fermentation.