Cryo-Save acquires the commercial activities of Salveo Biotechnology in Switzerland, Spain, Italy, Portugal and Ukraine
Frédéric Amar, Non-Executive Director, now deeply involved in the company strategy
Cryo-Save Group N.V. (Euronext: CRYO, `Cryo-Save`, or `the Group`), the leading international stem cell storage company and the largest family stem cell bank in Europe, announces that it has signed an asset sale and purchase agreement to acquire all assets that are exclusively related to the distribution and commercial activities of the umbilical cord blood and umbilical cord tissue cryopreservation business of Salveo Biotechnology S.A., Switzerland and its subsidiaries, effective as of 1 January 2014.
The payment for the transaction consists of 485,597 Cryo-Save Group N.V. shares plus an additional amount in cash, payable in June 2014.
The Group expects the acquisition to be profitable with immediate effect.
Salveo Biotechnology is a Swiss private laboratory, based in Geneva, specialized in stem cells cryopreservation, cell culture and regenerative medicine. Created in 2011, made up of experts in regenerative medicine, Salveo Biotechnology, also present in Italy, Spain, Portugal and Ukraine has developed a dynamic and professional commercial network.
Evi Mattil, Chief Commercial Officer and CEO a/i, commented:
"The acquisition of the Salveo business will bring substantial additional value to Cryo-Save and its shareholders. We will benefit from increased revenues and profitability, expand our market shares by a dual brand strategy and further strengthen our market leader position in the European stem cell market.
"The strong experience and deep market knowledge that Mr. Frédéric Amar brings to our company will ensure the successful implementation of this acquisition."
Frédéric Amar, Non-Executive Director, stated:
"This is a big step forward for Cryo-Save to improve on revenues and profitability. I am deeply committed to bring this company back to growth".
|Cryo-Save Group||+ 31 (0) 575 548 998|
|Walter van Pottelberge, Chairman|
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Source: Cryo-Save Group N.V. via GlobeNewswire