RGEN: + Pre Breathes (Bio)Life back into Bioprocessing & BLFS Buy Formalized & Pencils Fine

研报英文原文证据摘录

RGEN: + Pre Breathes (Bio)Life back into Bioprocessing & BLFS Buy Formalized & Pencils Fine

Life Science Tools & Diagnostics

FLASH

FLASH: REPLIGEN CORPORATION (RGEN) July 22, 2026

RGEN: + Pre Breathes (Bio)Life back into Bioprocessing & Rating:

BLFS Buy Formalized & Pencils Fine Outperform

Price:

With RGEN for BLFS having been speculated in the press, we previously weighed $136.99

in on fit (conclusion then: like) and financials (conclusion then: doable with creative Price Target:

$145financing mix). See those takes including the intro of a quick & dirty merger model % Upside:

here: RGEN for BLFS? Out Loud Thoughts on Fit & Financials Post Bloomberg 5.8%

Speculation

Source: FactSet, Wolfe Research

News formalized – RGEN to buy BLFS for $1.5B. It’s 11x 2027 revenue. Deal funded Priced as of 07/21/26

a ~third with cash and ~two-thirds stock.

RGEN’s financial conclusion on EPS accretion pencils better than our speculative

stab. RGEN sees the deal as >5c accretive in Year 1 and >25c accretive in Year 2 driven

by ~20% BLFS revenue growth and >$20M of cost synergies in Year 1 and >$30M in

Year 2. Revenue synergies are targeted and likely over time but left as upside for the Mike Polark, CFA

merger modeling. The Asia Pacific region specifically was mentioned as a geography mpolark@wolferesearch.com(617) 313-7810

that sets up for revenue synergy potential. View Mike’s Research

View RGEN Model

Re: RGEN’s long-term revenue ambition to double its size over the mid-term, this View Comp Table

BLFS deal is additive to that view, not a contributor to it. That previously stated

RGEN revenue vision includes some modest M&A contribution but BLFS is beyond Paigepchamberlain@wolferesearch.comChamberlain

modest and so viewed as incremental.