Repligen Corporation [NASDAQ: RGEN] disclosed that it has inked an agreement to purchase Avitide Inc. RGEN will purchase Avitide for nearly $150 million. It includes $75 million in cash plus $75 million in Repligen common stock in addition to performance-based earnout payments over the next three years.
Avitide believes that Repligen is the ideal partner to drive the increasing adoption of current products and unveiling of new products to the market through the combination of their established global operational and commercial capabilities and Avitide’s unique and differentiated affinity chromatography discovery platform.
Furthermore, it has been disclosed that Repligen is planning to use its cash on hand, which equaled nearly $734 million on June 30, 2021, to fund the transaction. Perella Weinberg Partners LP is serving as financial advisor and Goodwin Procter LLP is acting as legal counsel to Repligen. The deal is likely to be executed during the third quarter of 2021.
In addition to this, Repligen believes that this acquisition will bring many new products to market over the coming years. The acquisition will help the firm in fulfilling the increasing need for affinity solutions in gene therapy and other evolving modalities. Avitide has earned a reputation as a leading chromatography developer with diverse affinity ligand libraries and best-in-class ligand-to-resin development timelines.