Stock Alert: Cryoport Rises 9% On Agreeing To Buy CRYOPDP
Shares of temperature-controlled logistics and biostorage services provider to the life sciences industry, Cryoport, Inc. (CYRX) are climbing more than 9% Friday morning after the company said it has agreed to buy CRYOPDP for approximately €49 million cash.
The stock touched a new high of $38.15 this morning.
Cryoport expands its global supply chain platform by signing the deal with CRYOPDP, which provides temperature-controlled logistics solutions to the clinical research, pharmaceutical and cell and gene therapy markets, headquartered in Paris, France.
Last year, CRYOPDP generated more than €42 million of revenue and is expected to be immediately accretive to Cryoport’s earnings upon closing, which is expected within 60 days.
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