BioLife Solutions, a US-based provider of cell processing tools for the cell and gene therapy (CGT) sector, has announced the sale of its cold chain logistics subsidiary SAVSU Cleo Technologies, LLC (formerly SAVSU Technologies, Inc.) to Peli BioThermal for $25.5 million in cash, subject to adjustments.
The divestiture includes the SAVSU evo cold chain technology platform. Peli BioThermal, a global company specializing in temperature-controlled logistics, acquired the unit to expand its offerings in the biopharma sector.
BioLife stated that the sale is part of a strategic shift to streamline operations and concentrate on generating high-margin recurring revenue from its core business segments.
“This divestiture streamlines our product portfolio as well as our operations while focusing resources on creating shareholder value through high-margin recurring revenue,” said Roderick de Greef, Chairman and CEO of BioLife Solutions. “We are delighted that a respected leader in cold chain logistics recognizes the value of the SAVSU evo technology.”
