NEW YORK (TheStreet) -- BioLife Solutions  (BLFS) surged Thursday after the hypothermic storage product manufacturer announced a three-year partnership with Somahlution.

Under the terms of the deal, BioLife will manufacture DuraGraft, a tissue preservation solution to store harvested veins for coronary artery bypass graft (CABG) and other vascular access surgeries. 

"We are pleased to announce this new contract manufacturing agreement with Somahlution," said BioLife president and CEO Mike Rice in a statement. "Their requirements and demand forecast are highly aligned with our manufacturing capacity and core expertise in aseptic formulation, fill, and finish of biopreservation media products. We understand their critical requirements and will work very hard to meet and exceed their expectations."

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The stock was up 16.64% to $2.77 at 3:21 p.m. More than 2 million shares had changed hands, which dwarfed the average volume of 67,425.

BLFS Chart BLFS data by YCharts

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