- Expands Portfolio of Products to Improve Efficiencies in Biologic Drug Manufacturing - - Company Updates 2014 Financial Guidance - - Conference Call and Webcast Today at 9:00 a.m. EDT -
WALTHAM, Mass., June 3, 2014 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) announced today that it has acquired the business of Refine Technology ("Refine"), including Refine's Alternating Tangential Flow ("ATF") System, a market-leading device used to significantly increase product yield during the fermentation step of the biologic drug manufacturing process. The acquisition strengthens Repligen's bioprocessing business by adding a profitable and highly complementary product line while expanding the Company's direct sales presence worldwide.
Repligen has entered into a definitive agreement effective June 2, 2014 to purchase Refine's business for a combination of $20.5 million in cash and 215,285 shares of Repligen common stock, for total upfront consideration of approximately $24.5 million. The agreement also includes contingent milestone payments of up to $8.75 million based on defined revenue targets through the year 2016, a capped royalty provision of up to $2.15 million for above-target sales during the same period. The Company expects ATF System sales to add approximately $3.5-4.0 million in revenue for the remainder of the year 2014."The Refine purchase is a significant step toward the realization of Repligen's goal to build a best-in-class bioprocessing company. We continue to execute on this goal by supplementing our organic growth strategy with the acquisition of the market-leading ATF product line used by biopharmaceutical manufacturing customers worldwide," said Walter C. Herlihy, Ph.D., President and CEO of Repligen. "The significant overlap of Refine's customer base with our own will support a global buildout of our commercial infrastructure." About the ATF System The ATF System is a filtration device used by many of the world's largest biopharmaceutical companies and contract manufacturing organizations to improve product yields during the fermentation step of biomanufacturing. By continuously removing waste products from the fermentor, the ATF System routinely increases cell densities to 2- or 3-times the levels achieved by standard batch fermentation. As a result, product yield is increased which improves facility utilization and can reduce the size of a bioreactor required to manufacture a given volume of biologic drug product.