Chart Industries on Thursday confirmed it had completed its divestiture of its cryobiological products business (MVE Biological Products) to temperature-controlled logistics company Cryoport.

In a statement, Cryoport, who also acquired CRYOPDP recently, said the two additions will add significant capabilities and competencies as well as markedly expand its client coverage of the global cell and gene therapy market.

A global leader in manufactured vacuum insulated products and cryogenic freezer systems and solutions, Cryoport said MVE generated revenue of approximately $84m in 2019.

Commenting on the acquisitions of MVE and CRYOPDP, Jerrell Shelton, CEO of Cryoport, said, “Based on market forecasts the cell and gene therapy market will continue to grow rapidly for the next decade.”

“The closing of the acquisitions of MVE and CRYOPDP uniquely positions Cryoport to answer the increasing demand for fully integrated temperature-controlled supply chain solutions in this fast-growing global market.”

“The acquisitions are also expected to expand Cryoport’s total addressable market, provide our clients’ with expanded end-to-end support across the cell and gene therapy value chain and enhance our innovation pipeline.”

“We are excited by the prospects of our future as we vigorously work to fulfill and maintain our mission of being the life sciences industry’s pre-eminent choice for temperature-controlled supply chain solutions supporting life and health on earth.”