Repligen said today it has acquired Atoll for up to $23.6 million, in a deal that will expand the buyer’s pre-packed column chromatography portfolio into high-throughput process development screening.
Atoll manufactures the MediaScout® pre-packed chromatography columns used in process development and clinical manufacturing of biologic drugs.
Repligen reasons that its acquisition of Atoll will complement its OPUS® product line of pre-packed disposable chromatography columns, creating a combined offering intended to provide bioprocessing customers with breadth and flexibility in choosing column size, chromatography media, and packed bed formats.
“Atoll’s MediaScout family of products is a market and technology fit,” Repligen President and CEO Tony J. Hunt said in a statement. “This acquisition extends our reach into the screening and process development labs where single-use platform technologies are evaluated and adopted.”
Hunt added that Repligen views Atoll’s Weingarten, Germany, facility as its European commercial and manufacturing center for many of its bioprocessing offerings.
Added Martin Reuter, managing director of Atoll: “The MediaScout product line has experienced accelerating demand over the last few years. The synergies with Repligen, and OPUS in particular, are clear. We look forward to joining forces to increase the adoption of MediaScout products and drive further adoption of a broader portfolio of pre-packed columns in the bioprocessing market.”
Repligen agreed to buy Atoll from its owner UV-Cap, a private equity firm focused on holding shares of pharmaceutical and biological companies as well as construction equipment supply firms.
Repligen agreed to pay $22.5 million upfront, consisting of $9.1 million cash and 538,700 shares of Repligen common stock priced at $24.97 per share, representing the 10-day weighted average closing price of Repligen stock at market close on March 29. Additionally, Repligen will pay Atoll a potential €1 million ($1.14 million) tied to achieving a predetermined revenue target for this year.
The buyer said it expects sales of Atoll products to add approximately $3 million to $3.5 million in revenue for the remaining 9 months of 2016. Repligen said it expects to be break-even on adjusted earnings per share, which excludes transaction and integration costs, by year end 2016.
Repligen added that it expects the acquisition to add to its earnings per share on a GAAP basis in 2017.