Vendor fluid: Repligen to buy Metenova for $170m

The addition of Metenova will expand Repligen’s fluid management portfolio and allows the firm to enter the $1+ billion mixing market, the company says.

Bioprocess vendor Repligen has agreed to pay $160 million in cash and $8 million in equity to acquire Sweden-based Metenova.

Tony Hunt, Repligen CEO, said the addition of Metenova “strengthens our Fluid Management portfolio, with a product line that expands on the market success of our systems and fluid management assemblies.”

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Founded in 2009, Metenova has developed a portfolio of mixing products and applications used in the manufacturing of a range of modalities, from small molecules and monoclonal antibodies (mAbs) to vaccines and cell and gene therapies. These mixing solutions for media, buffer preparation, and shear sensitive proteins are used by more than 80% of top biopharma companies, according to a Repligen investor presentation.

Repligen added that Metenova’s broad portfolio of stainless steel and emerging single-use products will kickstart its presence in the magnetic mixing technology space, which the firm values at approximately $1 billion.

Metenova has seen a 36% compound annual growth rate (CAGR) over the past three years and is projected to generate revenues of $24 million to $25 million for fiscal year 2023, split equally between the Americas, Europe, and Asia.

“We have made tremendous progress over the last ten years, building a market leading mixing portfolio,” said Johan Westman, Metenova CEO. “We are now at a stage in our development where we can benefit from more rapid expansion into the single-use market where many of our customers are scaling today.” He added Repligen is “the ideal partner” to take this next step of growth.

Metenova will also build on Repligen’s recent acquisition of FlexBiosys, said Hunt. The deal, announced in April, added a portfolio of single-use 2D and 3D bags and tubing assemblies.