Cryoport acquires CryoPDP for specialized temperature-controlled shipping

Cryoport, whose business a few years ago was mostly around providing metal containers (dewars) for cryogenic shipping of life sciences materials, has now become a global player with a focus on the rapidly evolving cell and gene therapy (CGT) field. It opened a service center in the Netherlands in 2019 along with a European-based partnership. Now that globalization has jumped ahead with the acquisition of CryoPDP, a Paris-based provider that mirrors Cryoport’s offerings of containers and packaging, logistics and courier services, and clinical trials support.

The transaction is valued at €49 million (subject to closing conditions); CryoPDP had revenues of €42 million in 2019 (about $50 million). CryoPDP has 220 employees, operating in 22 facilities in 12 countries. According to a press release, it has handled over 300,000 shipments for life sciences over the past 25 years. Part of the company was originally a subsidiary of Air Liquide, the industrial gases producer; Air Liquide sold the business to a Paris-based private-equity firm, HIvest Capital, last spring, who has now turned the company over to Cryoport.