US-based lab products supplier Avantor has agreed to acquire Antylia Scientific’s Masterflex Bioprocessing business and related assets in an all-cash deal valued at $2.9bn.
Based in Illinois, Masterflex Bioprocessing is engaged in providing peristaltic and single-use bioprocessing solutions and aseptic single-use fluid transfer technologies.
It offers Masterflex and Ismatec peristaltic pumps, MasterflexLive connected products, flow metres, single-use components and assemblies.
The addition of Masterflex is expected to strengthen Avantor’s capabilities across all bioproduction platforms and support its Covid-19 therapy and vaccine manufacturing efforts.
Avantor president and CEO Michael Stubblefield said: “The acquisition of Masterflex reflects our commitment to the biopharma industry, and our ability to identify and execute on value-creation opportunities.
“The business enhances our portfolio of proprietary technologies and strengthens our position in the highest growth segments of the market.
“Both Avantor and Masterflex share a strong culture of innovation and excellence, and we look forward to welcoming Masterflex’s highly skilled team to the Avantor family.”
The acquisition is expected to close in the fourth quarter of 2021, subject to certain customary closing conditions, including regulatory approvals.
Avantor has received a full debt financing commitment from Citigroup Global Markets and Goldman Sachs Bank USA, to fund the acquisition.
J.P. Morgan Securities and Perella Weinberg Partners served as financial advisors and Kirkland & Ellis as legal counsel for Antylia Scientific on the transaction.
Jefferies and Gordon Dyal & Co. Advisory Group are serving as financial advisors and Simpson Thacher & Bartlett as legal counsel to Avantor.
Antylia Scientific is a diversified life science tools business with a portfolio of products serving the pharma, biopharma, healthcare and environmental markets.
Antylia Scientific chairman and CEO Bernd Brust said: “As a part of Antylia Scientific, the Masterflex Bioprocessing business has achieved exceptional results through significant product, capability and customer expansion.
“We will continue to build a portfolio of businesses, innovative products and talent to improve the quality, accuracy and efficiency of our customers’ critical processes.
“We are confident that Antylia Scientific continues to be well-positioned to serve our customers in their quests to accelerate scientific discovery and improve the quality of life.”
