BioLife Solutions Inc. has completed its acquisition of a 56% stake in Albuquerque, N.M.-based Savsu Technologies Inc.
As part of a share exchange agreement, Bothell, Wash.-based BioLife exercised an option to purchase the stake in Savsu Technologies, which develops containers and software solutions for protecting live cell therapies during transport and storage, with the issuance of 1.1 million common shares.
BioLife had increased its stake in Savsu to about 44% from 31% in September 2018.
Following the acquisition of Savsu, cell and gene therapy tools manufacturer-BioLife expects a modest revenue contribution of about $500,000 for the rest of 2019, BioLife CFO Roderick de Greef said.
De Greef noted that the company expects Savsu's evo product line of cold storage systems to contribute $4 million to $6 million of incremental revenue in 2020.