Cryoport enters agreement to buy CryoPDP

24 August 2020 (Last Updated August 24th, 2020 12:41)

Temperature-controlled supply chain solutions provider Cryoport has strengthened its supply chain network with the acquisition of logistics solutions provider CryoPDP.

Cryoport enters agreement to buy CryoPDP
CRYOPDP provides innovative temperature-controlled logistics solutions to the clinical research, pharmaceutical and cell and gene therapy markets. Credit: United Soybean Board.

Temperature-controlled supply chain solutions provider Cryoport has strengthened its supply chain network with the acquisition of logistics solutions provider CryoPDP.

Headquartered in Paris, France, CryoPDP provides new temperature-controlled logistics solutions for various markets including clinical research, pharma and cell and gene therapy.

The acquisition is dependent on customary closing conditions and is expected to close within 60 days. The all-in-cash transaction is valued at approximately €49m.

CryoPDP, which generated over €42m of revenue last year, is expected to be immediately accretive to Cryoport’s earnings on closing of the deal.

Cryoport CEO Jerrell Shelton said: “Our acquisition of CryoPDP is an important milestone in carrying out Cryoport’s strategy to further entrench and strengthen our global footprint and support capabilities for the entire life sciences industry and especially for the fastest growing segment of high value, lifesaving cell and gene therapies.

“CryoPDP is especially strong in EMEA and APAC, where it enjoys a strong reputation as a valued specialist logistics provider to CROs (clinical research organisations), the pharmaceutical industry, and the life sciences clinical research community.

“Over the coming months, we anticipate focusing more attention on the fast-growing cell and gene therapy industry, where CryoPDP will play an increasing role.”

CryoPDP Unity IT platform will work in conjunction with Cryoport Systems’ Cryoportal Logistics Management Platform to provide a unified global logistics solution.

According to Cryoport, the solution will offer complete “visibility, control and integrity of the “chain of custody” and “chain of condition”.