Biolife solutions, inc. (nasdaqcm:blfs) acquired substantially all assets of custom biogenic systems, inc. for $30 million.

Biolife solutions, inc. (nasdaqcm:blfs) acquired substantially all assets of custom biogenic systems, inc. for $30 million on november 12, 2019. as part of consideration, sole shareholder and chief executive officer, john brothers received $11 million in cash and $4 million of biolife common stock in consideration for the asset sale. post acquisition, john brothers will be vice president of advanced freezer technologies at biolife, may earn up to an additional $15 million in cash or stock over the next five years, based on exceeding certain annual new product revenue goals. the entire custom biogenic systems team will join biolife. this transaction will be accretive on an adjusted earnings per share basis and contribute to adjusted ebitda in 2020. biolife solutions, inc. (nasdaqcm:blfs) completed the acquisition of substantially all assets of custom biogenic systems, inc. on november 12, 2019.
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