Repligen, a life sciences company focused on bioprocessing technology leadership, has entered into an agreement to acquire France-based Polymem.
Polymem is an industrial expert in the development and manufacture of hollow fibre membranes and modules. These products are used in water treatment, solid/liquid separation, gas separation, liquid/gas transfer and bioprocessing applications.
To fund the transaction, Repligen intends to use its cash on hand which totaled approximately $711 million at March 31, 2021.
Tony Hunt, President and CEO of Repligen, said: "The acquisition significantly expands our hollow fibre membrane and module production capabilities and adds core R&D, engineering and production expertise in hollow fibre technology for both industrial and bioprocessing markets."
Hunt explained that the business complements what Repligen has already in place at its Rancho Dominguez site and establishes a world-class centre of excellence in Europe to meet the accelerating demand for hollow fibre products.
Jean-Michel Espenan, President of Polymem, said: "Since co-founding the company in 1997, Polymem has remained true to our expertise in hollow fibre membrane development and manufacturing for industrial and life sciences applications. By joining forces with Repligen, we now have the opportunity to focus on two market segments, Municipal/Industrial and Bioprocessing, each with very similar needs and demands."
Espenan added: "This deal further extends our market reach, allowing us to boost our growth across both our historical Municipal/Industrial markets and the Bioprocessing market. We continue to increase capacity with the extension of our production site in Castanet-Tolosan, south of Toulouse, and we look forward to working together with Repligen to further penetrate our core markets."
Jean-Michel Espenan and Franc Saux will stay on with the company in their current respective roles of President and Technical Director.
The proposed acquisition is expected to close during Repligen's third fiscal quarter of 2021, subject to the satisfaction of customary closing conditions.