Repligen to acquire Metenova AB, terms not disclosed

Earlier, Repligen Corporation announced that it has entered into a definitive agreement to acquire privately-held Metenova AB of Molndal, Sweden. Metenova is projected to generate revenues of $24M to $25M for fiscal year 2023, led by the success of its magnetic mixing and drive train technologies that are widely used by global biopharmaceutical companies and contract development and manufacturing organizations. “The company recently entered the single-use mixing market with the launch of its MixOne platform, leveraging the success of its existing stainless steel product line. Metenova is expected to contribute approximately $5 million in revenue to Repligen in the fourth quarter of 2023, and to contribute $25 million to $27 million in revenue in 2024, with 20%-25% revenue growth in 2025 forward. The acquisition is anticipated to be accretive to Repligen’s adjusted gross and operating margins in 2024, and to be accretive to adjusted earnings per share in 2025,” the company stated. The transaction is expected to be completed in the coming weeks, subject to the satisfaction of customary closing conditions. The transaction is a combination of cash and equity; to fund the cash component of the transaction, Repligen intends to use a portion of its cash on hand, which totaled approximately $604M at June 30, 2023.