BioLife Solutions will issue more than 6.6 million shares to acquire Ohio University-affiliated Stirling Ultracold in an all-stock transaction.
Stirling Ultracold, a US-based manufacturer of ultra-low temperature mechanical freezers linked to Ohio University, has agreed to an acquisition by bioproduction products and services supplier BioLife Solutions.
BioLife will issue just over 6,64 million shares, implying a price of approximately $25m paid for Stirling at the former’s current stock price of $37.71.
The deal is expected to close in the second quarter of the year. Following the acquisition, Stirling Ultracold will continue to operate as a separate brand and staff and facilities will be retained at the current base in Athens, Ohio.
Stirling Ultracold, the operating name for Global Cooling, was founded in 2010 with a lead investment from TechGrowth Ohio, a programme of Ohio University’s Voinovich School of Leadership and Public Affairs. TechGrowth also provided a range of business services.
A regulatory filing indicates Stirling Ultracold secured $2.6m in a two-tranche round in 2011. Advantage Capital Partners disclosed an investment of undisclosed size in March 2016, and a securities document from December 2015 shows Stirling raised at least $600,000.
Ohio Innovation Fund, an early-stage venture fund co-founded by Ohio University, Ohio State University and Kent State University, led a $10m series B round in January 2019, when TechGrowth Ohio, American Financial Group and Advantage Capital also invested.
Dusty Tenney, CEO of Stirling Ultracold, said: “BioLife Solutions has assembled an impressive, integrated suite of consumables, equipment, biorepositories, informatics and services to address the growing cell and gene therapy space.
“As such, Stirling shareholders and our 150 employees will immediately benefit from the breadth and scale of technologies and customers as part of BioLife.
“Mike Rice and the senior leadership at BioLife have established a well-run company underpinned by an extraordinary company culture that supports both business and personal growth.
“I am looking forward to the close of this merger and joining BioLife as president and chief operating officer and contributing to the continued success of the company.”
