BioLife Solutions sets up shop in Indianapolis, adding a slate of new cell and gene therapy tools to its belt
How far can $24 million get you? For Washington-based BioLife Solutions, the answer is all the way to Indianapolis.
BioLife Solutions, a top provider of tools and services for cell and gene therapy development, is putting down a modest $24 million to snap up all the shares in Sexton Biotechnologies it doesn’t already own, the partners said on Monday. In the process, it’s getting a slate of new bioproduction tools, and the deed to Sexton’s downtown Indianapolis facility.
“As a significant shareholder of Sexton since their spinout from Cook Regentec in 2019, we’ve been closely following Sean Werner and the Sexton team’s great execution and progress,” CEO Mike Rice said in a statement, adding that Sexton is at an “inflection point.”
The company was not available for an interview before press time.
BioLife has invested in Sexton since 2019, when it became the first startup to spin out of the life sciences incubator Cook Regentec. Over the last two years, Sexton has developed a handful of tools to aid cell and gene therapy development, including its CellSeal closed vial for final dose packaging, which was used by Bristol Myers Squibb for its recently approved CAR-T for lymphoma, Breyanzi.
Sexton also touts its human platelet lysate (HPL) media, bio-defined replacement for fetal bovine serum or human serum used in cell manufacturing, and automated cell processing machines, which it says are used in more than 50 ongoing trials.
Rice is keeping all of Sexton’s staff on board, including a five-person sales team that will pivot to promote BioLife’s products, including its biopreservation tools, water-free thawing products and cold chain management platform.
Overall, Sexton is expected to contribute about $2 million to BioLife’s 2021 revenue, according to a statement. BioLife reeled in $48 million in 2020, up 76% from the previous year. Next year, the company is hoping to bring in between $108 and $117 million.
Investors were mostly muted on the news, with BioLife’s stock $BLFS up a little over 2% on Monday morning.