Brooks Automation Announces the Acquisition of Cool Lab, LLC
CHELMSFORD, Mass., Nov. 29, 2016 (GLOBE NEWSWIRE) — Brooks Automation, Inc. (Nasdaq:BRKS) announced today that it has acquired Cool Lab, LLC, a subsidiary of BioCision, LLC. Cool Lab provides a range of innovative, patented, and/or patent-pending applications for sample cooling and freezing, controlled rate freezing, portable cryogenic transport and archival storage solutions for customers’ temperature sensitive workflows. The offerings address and assist in managing the temperature stability of therapeutics, biological samples, and related biomaterials in ultra-cold and cryogenic environments.
BioCision is a highly regarded innovator of products that standardize biomaterial sample handling to increase the successful outcomes of research, clinical and therapeutic discovery and development. Brooks Automation has held an equity interest in BioCision since 2014 and subsequently supported the business with convertible debt and term note financing. Through this relationship, BioCision and Brooks collaborated in the development of advanced solutions in temperature control including the CryoPod™ personal mobile carrier capable of maintaining cryogenic temperatures for more than four hours. This and other sample management lab products were transferred into Cool Lab, a subsidiary of BioCision. Corning Life Sciences will continue to be the global distributor of the innovative CoolCell® cell cryopreservation systems, CoolBox™ ice-free sample preparation systems, CoolRack® systems, and other associated products. The Cool Lab product line includes the CryoPod™ and the suite of products distributed by Corning.
“This acquisition is a successful outcome from our long partnership with BioCision,” stated Dusty Tenney, president, Brooks Life Science Systems. “The product line extends our range of comprehensive sample management solutions that provide sample integrity, quality and utility across the cold chain of custody for our customers.”
“Brooks has been a great business partner for the last two years, and their acquisition of the BioCision Cool Lab business highlights the extent of our joint collaboration and developments,” said Rolf Ehrhardt, MD, PhD, chief executive officer, BioCision. Dr. Ehrhardt added, “Our strategic relationship was driven by a focus on innovative products and the growing customer needs for improved sample management workflows.”
The company reported that Cool Lab products generated approximately $5 million in sales over the past twelve months at gross margins supporting Brooks Life Science Systems target margins. The acquisition of Cool Lab by Brooks is in exchange for a cash payment of approximately $5 million and non-cash consideration with a carrying value of approximately $9 million, subject to the customary settlement of working capital amounts. The non-cash consideration given by Brooks includes the redemption and repurchase of its equity ownership interest in BioCision and the cancellation of the convertible debt securities, the term notes, and related interest receivables. The acquisition results in the integration of Cool Lab into Brooks Life Science Systems and eliminates Brooks’ financial interests in BioCision.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences. Brooks’ technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market. Since 2011, Brooks has applied its automation and cryogenics expertise to meet the sample storage needs of customers in the life sciences industry. Brooks’ life sciences offerings include a broad range of products and services for on-site infrastructure for sample management in temperatures of ‑20°C to -150°C, as well as comprehensive outsource service solutions across the complete life cycle of biological samples including collection, transportation, processing, storage, protection, retrieval and disposal. Brooks is headquartered in Chelmsford, MA, with direct operations in North America, Europe and Asia. For more information, visit www.brooks.com.
“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks’ financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include, but are not limited to statements about the anticipated benefits of the acquisition of Cool Lab, and the expected future capabilities of the combined companies. Factors that could cause results to differ from our expectations include the following: potential difficulties with the integration of the Cool Lab business into Brooks Life Science Systems and potential adverse reactions or changes to business relationships resulting from Brooks’ ownership of the Cool Lab business. In addition, actual results are subject to other risks that relate more broadly to Brooks’ overall business, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
Senior Managing Director
ICR, LLC 646.277.1254
Brooks Automation Announces the Acquisition of Cool Lab, LLC