BioLife Solutions Announces $73 Million Sale of its SciSafe Biostorage Subsidiary

Core Viewpoint - BioLife Solutions, Inc. has sold its biostorage subsidiary SciSafe Holdings, Inc. for $73 million in cash, marking a strategic shift towards proprietary, higher-margin cell processing products and enhancing its balance sheet [1][2]. Group 1: Transaction Details - The sale of SciSafe generated approximately$10.4 million in revenue for the six months ended June 30, 2024 [1]. - BioLife acquired SciSafe in October 2020 for $39 million, and the current sale represents a solid return for shareholders [2]. - The transaction was facilitated by Stephens Inc. as the financial advisor and K&L Gates LLP as legal counsel [3]. Group 2: Management Changes - Following the divestiture, Todd Berard will take on the role of Chief Commercial Officer, overseeing all sales and marketing functions [2]. - Garrie Richardson, previously the Chief Revenue Officer at BioLife, will become the CEO of the now-independent SciSafe [3]. Group 3: Company Overview - BioLife Solutions specializes in developing and supplying cell processing tools and services for the cell and gene therapy market, focusing on maintaining the health and function of biologic materials [4].