Repligen: C&GT on the Rebound; Acquiring BioLife Solutions for $31 / Share

研报英文原文证据摘录

Repligen: C> on the Rebound; Acquiring BioLife Solutions for $31 / Share

Deutsche Bank

Research

Rating Company Date

Buy Repligen 23 July 2026

North America Reuters Bloomberg Rating Buy

United States RGEN.OQ RGEN US Price target (USD) 180.00 Price at 22 Jul 26 140.09

52-week range 172.26 – 102.87

Health Care

Life Science Technology Valuation & Risks

C> on the Rebound; Acquiring BioLife

Solutions for $31 / Share JustinResearchBowersAnalyst

+1-917-517-9836

Portfolio Manager Summary

Sam Martin Repligen announced the acquisition of BioLife Solutions for $31 per share, a 6% Research Associate

premium to yesterday’s closing price (and a ~+25% premium to when the deal

was first anticipated in late June). Initial investor feedback is skewing

constructively, with proponents citing: BioLife’s strong market position, strategic

fit, healthy gross margins, and better-than-expected accretion; and questions

pointed at synergy targets ($30mm in run-rate levels) and the unprecedented

deal size by Repligen. On the former, we see $20mm of synergy as relatively low

hanging fruit and note that current management has experience operating much

larger enterprises than the pro-forma combination.

The takeout price values BioLife Solutions at $1.5b in EV (~11x 2027E sales

based on current consensus) and is expected to close in 4Q26. Repligen intends

to fund the deal with ~$560mm in cash on hand, issuing 7.2mm RGEN shares; the

company anticipates ~$300mm in pro-forma cash after the deal closes at ~1.0x

net leverage.

Repligen also released select preliminary 2Q26 results of 13% organic growth

(+12% reported), ~+200bps to current Street estimates of +11% and expects

“strong” margin expansion. We added RGEN as one of our focus stocks with our