Brooks Automation, Inc. (CSA CSM) announced on Nov. 29 that it has acquired Cool Lab, LLC, a subsidiary of BioCision, LLC. Cool Lab provides a range of innovative, patented and patent-pending applications for sample cooling and freezing, controlled rate freezing, portable cryogenic transport and archival storage solutions for temperature sensitive workflows. The offerings address and assist in managing the temperature stability of therapeutics, biological samples and related biomaterials in ultracold and cryogenic environments.
“This acquisition is a successful outcome from our long partnership with BioCision,” says 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 Automation has held an equity interest in BioCision since 2014 and subsequently supported the business with convertible debt and term note financing. Through the relationship, BioCision and Brooks collaborated to develop several advanced solutions for temperature control, including the CryoPod™ personal mobile carrier, later transferred to Cool Lab.
“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,” says Rolf Ehrhardt, CEO at BioCision. “Our strategic relationship was driven by a focus on innovative products and the growing customer needs for improved sample management workflows.”
The acquisition of Cool Lab by Brooks comes in exchange for a cash payment of approximately $5 million and a non-cash consideration with a carrying value of approximately $9 million. It is subject to the customary settlement of working capital amounts, according to Brooks. Its non-cash consideration includes the redemption and repurchase of its equity ownership interest in BioCision and the cancellation of the convertible debt securities, term notes and related interest receivables.