Maravai’s stocks have climbed by 20% after word spread of the supplier’s acquisition offer.
According to Reuters, biopharmaceutical supplier Repligen has approached Maravai LifeSciences with an acquisition offer. Maravai is a life sciences company valued at $2.2 billion with more than 3,000 products in its portfolio and subsidiary brands that include TriLink Biotechnologies, Cygnus Technologies, Glen Research, and Alphazyme.
Although Maravai has yet to accept Repligen’s offer, its stock price has soared by more than 20% since the news broke earlier today. Conversely, Repligen’s stock has fallen by about 10%.
According to Maravai’s second quarter 2024 financial report, the company generated $73.4 million with a net loss of $14.5 million and an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $16.9 million.
At the time, Trey Martin, CEO of Maravai said, “During the quarter Maravai made exciting progress against our strategic priorities, including the achievement of key production milestones at our new Flanders GMP facilities and the introduction of new products across all of our businesses. Our balance sheet remains strong and we are well positioned to execute on both organic and inorganic opportunities to bolster our market position and provide our customers with novel solutions. We remain committed to building a strong foundation for long-term, sustainable growth and creating value for our shareholders.”
Meanwhile, Repligen reported second quarter earnings of $154 million, which it said was on target with expectations.
Repligen has a history of making big acquisitions to increase its portfolio. The supplier acquired biomaterials technology company Tantti in July and magnetic-mixing technology manufacturer Metenova in September 2023.
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