UPDATE -- Repligen Acquires TangenX Technology Corporation
GlobeNewswire•December 15, 2016
WALTHAM, Mass., Dec. 15, 2016 (GLOBE NEWSWIRE) -- Repligen Corporation (RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it has acquired TangenX Technology Corporation (“TangenX”) of Shrewsbury, MA, maker of the innovative single-use Sius™ line of tangential flow filtration (“TFF”) cassettes and hardware used in downstream biopharmaceutical manufacturing processes. Sius TFF is used in the filtration of biological drugs, complementing Repligen’s OPUS® line of Pre-Packed Chromatography Columns used in downstream purification. Single-use Sius TFF cassettes are designed to deliver superior performance to traditional (reusable) TFF cassettes in a cost-competitive format that provides user-ready convenience and flexibility. The Sius portfolio also strengthens the Company’s existing capability in filtration, where its XCell™ ATF products (both stainless steel and single-use) are used for perfusion and cell culture intensification in upstream manufacturing processes.
Prior to the acquisition, TangenX was controlled by Novasep Holding SAS of Lyon, France. The acquisition by Repligen was completed through an all cash transaction of EUR 37.0 million (USD 39.0 million). Repligen expects sales of TangenX products to achieve double-digit growth and contribute $7.0-$7.5 million in revenue for the year 2017. This acquisition is expected to be accretive on both a GAAP EPS and adjusted EPS basis in 2017. Goodwin Procter LLP served as legal counsel to Repligen in the deal, and EC Mergers and Acquisitions, a EuroConsult company, provided financial advisory services.
Tony J. Hunt, President and Chief Executive Officer of Repligen said, “This strategic acquisition strengthens our position as a leader in single-use bioprocessing technologies and extends our reach into downstream processes, where disposables are increasingly being adopted by biopharmaceutical manufacturers for the convenience, flexibility and cost advantages that they offer. Our companies share a common culture of innovation, and we look forward to working with the entire TangenX team to drive further growth of this platform and develop next generation products for our customers.”
