Brooks Automation (BRKS) Acquires Cool Lab
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Brooks Automation, Inc. (Nasdaq: BRKS) announced today that it has acquired Cool Lab, LLC, a subsidiary of BioCision, LLC. Cool Lab provides a range of innovative, patented, and/or patent-pending applications for sample cooling and freezing, controlled rate freezing, portable cryogenic transport and archival storage solutions for customers’ temperature sensitive workflows. The offerings address and assist in managing the temperature stability of therapeutics, biological samples, and related biomaterials in ultra-cold and cryogenic environments.
BioCision is a highly regarded innovator of products that standardize biomaterial sample handling to increase the successful outcomes of research, clinical and therapeutic discovery and development. Brooks Automation has held an equity interest in BioCision since 2014 and subsequently supported the business with convertible debt and term note financing. Through this relationship, BioCision and Brooks collaborated in the development of advanced solutions in temperature control including the CryoPod™ personal mobile carrier capable of maintaining cryogenic temperatures for more than four hours. This and other sample management lab products were transferred into Cool Lab, a subsidiary of BioCision. Corning Life Sciences will continue to be the global distributor of the innovative CoolCell® cell cryopreservation systems, CoolBox™ ice-free sample preparation systems, CoolRack® systems, and other associated products. The Cool Lab product line includes the CryoPod™ and the suite of products distributed by Corning.
“This acquisition is a successful outcome from our long partnership with BioCision,” stated Dusty Tenney, president, Brooks Life Science Systems. “The product line extends our range of comprehensive sample management solutions that provide sample integrity, quality and utility across the cold chain of custody for our customers.”
“Brooks has been a great business partner for the last two years, and their acquisition of the BioCision Cool Lab business highlights the extent of our joint collaboration and developments,” said Rolf Ehrhardt, MD, PhD, chief executive officer, BioCision. Dr. Ehrhardt added, “Our strategic relationship was driven by a focus on innovative products and the growing customer needs for improved sample management workflows.”
The company reported that Cool Lab products generated approximately $5 million in sales over the past twelve months at gross margins supporting Brooks Life Science Systems target margins. The acquisition of Cool Lab by Brooks is in exchange for a cash payment of approximately $5 million and non-cash consideration with a carrying value of approximately $9 million, subject to the customary settlement of working capital amounts. The non-cash consideration given by Brooks includes the redemption and repurchase of its equity ownership interest in BioCision and the cancellation of the convertible debt securities, the term notes, and related interest receivables. The acquisition results in the integration of Cool Lab into Brooks Life Science Systems and eliminates Brooks’ financial interests in BioCision.
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