Cryoport, a leader in temperature-controlled supply chain solutions for the Life Sciences, with a focus on regenerative medicine, announced the completion of the previously disclosed divestiture of its specialty courier business, CRYOPDP, to DHL Group (“DHL”), one of the world’s leading logistics providers, in a transaction that includes cash payments of approximately $200 million to Cryoport.
Concurrently, Cryoport and DHL have established a strategic partnership aimed at enhancing their respective supply chain service offerings for the global life sciences and healthcare sector. This newly formed strategic partnership enables the companies to collaborate on strategic opportunities, leveraging Cryoport’s industry-leading expertise in specialized supply chain solutions with DHL’s expansive global health logistics infrastructure and services, bringing an array of specialized pharma logistics and services to the rapidly growing life science and healthcare market segment.
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Jerrell Shelton, CEO of Cryoport, commented, “Our strategic partnership and this transaction mark a significant step that contributes to the continued evolution of our industry and aligns with Cryoport‘s long-term strategic vision. With this partnership, we are enhancing our core capabilities as we develop a strong global partner network. We believe this partnership with DHL will enhance our positioning in the Asia Pacific (“APAC”) and Europe, Middle East and Africa (“EMEA”) regions where it will reshape our competitive profile. It provides for greater opportunities to offer highly targeted, top-tier services in these regions in response to growing market demand. Most importantly, it allows us to intensify our focus on advancing our Life Science Services platform globally, particularly in the rapidly growing Regenerative Medicine market.
“This strategic partnership and divestiture of CRYOPDP delivers a healthy capital infusion, improves our growth trajectory and places us in a solid position to reach our goal of sustainable, long-term profitability.”
SOURCE: PRNewswire