Chart Industries has signed a definite agreement to sell its cryobiological products business MVE Biological Products to Cryoport for $320m.
MVE Biological Products is a leader in manufactured vacuum insulated products and cryogenic freezer systems for the life science industry and will help Cryoport fulfil its mission of being “the life sciences industry’s preeminent partner for temperature-controlled supply chain solutions”.
The divestiture follows the 2018 sale of Chart’s oxygen-related products business, which at the time was a portion of the previous BioMedical segment.
“This is a logical next step in our strategy to stay disciplined in our core cryogenic businesses that share common customers, technologies and end markets,” stated Jill Evanko, Chart’s President and CEO.
“Having a strategic life sciences buyer like Cryoport will provide a platform for the cryobiological products business to grow in medical and animal breeding spaces that are non-core to Chart.”
“We will initially utilise the proceeds from the sale to pay down debt and subsequently continue to expand our presence, both organically and inorganically, into our high-growth focus areas, including hydrogen, carbon capture and other specialty markets.”
With the acquisitions of MVE, CryoPDP and Cryogene, Cryoport will provide fully integrated, end-to-end supply chain solutions to cell and gene therapy clients as well as the broader life sciences industry.
The sale is expected to close early in the fourth quarter of this year.