BioLife Solutions, a leader in cell processing tools and services for the cell and gene therapy market, has sold its biostorage subsidiary, SciSafe Holdings, Inc., for $73 million in cash. SciSafe reported $10.4 million in revenue for the first half of 2024.
Chairman and CEO Roderick de Greef stated, "This divestiture aligns with our strategy to focus on higher-margin, recurring-revenue consumable solutions." The sale, following BioLife's 2020 purchase of SciSafe for $39 million, provides a substantial return for shareholders and capital for growth.
Todd Berard, BioLife’s Chief Marketing Officer, will now serve as Chief Commercial Officer, assuming all sales and marketing roles. Meanwhile, Garrie Richardson, former BioLife Chief Revenue Officer, will become CEO of the newly independent SciSafe. De Greef expressed gratitude for Richardson's contributions and wished SciSafe success.
