Sartorius has agreed to acquire a majority stake in the Israeli cell culture media developer and manufacturer Biological Industries for approximately €45 million ($50m). As per the agreement, Sartorius will acquire just over 50% of the shares of the company from its owners, Kibbutz Beit Haemek and private equity fund Fortissimo Capital.
The transaction is expected to be finalised by mid-December, with an option to acquire a further 20% of the shares within three years.
“By acquiring a majority stake in Biological Industries, we are significantly expanding our cell culture media offering and complementing our product portfolio for customers in the dynamically growing advanced therapies market,” said Joachim Kreuzburg, CEO of the Sartorius Group.
Biological Industries focuses on cell culture media, particularly for cell and gene therapy, regenerative medicine and other advanced therapies. The company currently employs approximately 130 people mainly at its headquarters, R&D and manufacturing site close to Haifa, Israel, and at sales locations in the US, Europe and China.
Cell culture media are used in research, clinical development and production of biopharmaceuticals as well as in cell and tissue therapy applications. The company offers complete media solutions including a portfolio of clinical-grade media for cultivating cells and stem cells and for cryopreservation, applications that are both particularly relevant in advanced therapy research and clinical development. Adding to this portfolio, Biological Industries provides cell culture reagents as well as classical and serum-free media.
