Transaction allows Novasep to accelerate strategic project plan
Lyon, France, December 15, 2016 – Novasep, a leading supplier of manufacturing solutions for the life science industries, announces the sale of its U.S. subsidiary, TangenX Technology Corporation (TangenX), to Repligen Corporation (NASDAQ: RGEN) (Repligen).
The all-cash transaction of EUR 37.0 million (USD 39.0 million) was completed today.
Fox Rothschild LLP (Philadelphia, PA, USA) served as legal counsel to Novasep in the deal, and Brocair Partners (New York, NY, USA) provided financial advisory services.
In 2006, Novasep acquired a majority stake in TangenX, located in Shrewsbury, Massachusetts, USA. The company develops, produces and sells tangential flow filtration (TFF) technologies that enable biomanufacturers to significantly reduce industrial purification costs of biopharmaceuticals. Its innovative single-use TFF cassettes Sius™ currently command strong sales.
“We are pleased to have finalized this deal with Repligen,” said Novasep Chairman and CEO, Dr. Michel Spagnol. “We were the first industrial investor in TangenX and supported the development and the launch of its innovative TFF technology. Repligen’s infrastructure, which is perfectly adapted to the Sius™ range, will help to develop the product at the pace this technology deserves.”
“For more than three years, Novasep has been pursuing its strategy aimed at refocusing the company on its core activities. This transaction reinforces our capacity to accelerate strategic growth,” he added.
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Novasep is a global provider of cost-effective and sustainable manufacturing solutions for life sciences molecules and fine chemicals. Novasep's unique offering includes process development services, purification equipment and turnkey processes, contract manufacturing services and complex active molecules to serve pharmaceutical, biopharmaceutical, fine chemical, food and functional ingredients as well as fermentation and chemical commodities industries.