Repligen ( RGEN Quick Quote RGEN - Free Report) announced a definitive agreement to acquire Metenova, a privately-held Swedish company, specializing in the manufacturing of magnetic mixers for pharmaceutical and biotechnology applications.
RGEN will acquire Metenova through a combination of cash and equity. This agreement will further strengthen Repligen's Fluid Management portfolio by adding Metenova’s market-leading magnetic mixing technology, designed for both upstream and downstream bioprocess applications.
Metenova is anticipated to generate revenues in the range of $24-$25 million in fiscal 2023, with significant growth projected in the years ahead.
Shares of Repligen have lost 6.2% year to date compared with the
industry’s 16.2% decline. Image Source: Zacks Investment Research
Metenova is one of the leading players in the biopharmaceutical equipment sector and has emerged as a powerhouse in magnetic mixing and drive train technologies. These technologies have shown potential in the production process of global biopharmaceutical companies and contract development and manufacturing organizations.
Notably, Metenova is expected to contribute approximately $5 million in revenues to Repligen in the fourth quarter of 2023. Looking ahead, it is estimated to contribute $25-$27 million revenues in 2024, with steady growth of 20-25% in the following years.
Metenova recently entered into the single-use mixing market with the introduction of the MixOne platform. This expansion builds on its existing stainless steel product line, providing a versatile range of options for the biopharmaceutical industry.
Repligen has consistently demonstrated its ability to make strategic acquisitions that enhance its product portfolio. The addition of Metenova aligns perfectly with its recent series of fluid management deals, including partnerships with FlexBiosys, ARTeSYN and Bioflex.
Zacks Rank & Stocks to Consider
Repligen currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the same industry are
Anika Therapeutics ( ANIK Quick Quote ANIK - Free Report) , Annovis Bio ( ANVS Quick Quote ANVS - Free Report) and Corcept Therapeutics ( CORT Quick Quote CORT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .
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