Benzinga | Sep 16, 2021 01:08PM EDT

Repligen Reinforces Proteins Business With $150M Avitide Acquisition Deal

* Repligen Corporation (NASDAQ:RGEN) has agreed to acquire privately-held Avitide Inc for approximately $150 million in cash and stock.

* The deal consideration includes $75 million in cash plus $75 million in Repligen common stock in addition to performance-based earnout payments over the next three years.

* Avitide is a chromatography developer and offers affinity ligand libraries.

* Tony J. Hunt, President & CEO of Repligen, said, "The addition of Avitide is a major step forward in building out our Proteins business and, in particular, our affinity ligand discovery engine. This acquisition builds off the excellent partnership we have already established with Navigo GmbH and really strengthens and expands our ligand discovery and development capabilities."

* The transaction is expected to complete in Q3 of 2021.

* Repligen will use cash on hand to fund the transaction, which totaled approximately $734 million on June 30.

* Price Action: RGEN shares stock traded 0.29% lower at $295.39 on the last check Thursday.