Cryoport, Inc., a provider of temperature-controlled supply chain solutions for the life sciences, has signed an agreement to acquire MVE Biological Solutions, a manufacturer of vacuum insulated products and cryogenic freezer systems for the life sciences, in a cash transaction valued at $320 million.

The acquisition furthers Cryoport’s position in the temperature-controlled supply chain solutions market by broadening its footprint of solutions and services, and in particular to the growing cell and gene market. With the acquisitions of MVE, CryoPDP and Cryogene, Cryoport will provide fully integrated supply chain solutions to cell and gene therapy clients as well as the broader life sciences industry.

MVE will expand Cryoport’s role in the cell and gene therapy supply chain ecosystem, a business that is forecasted to grow 30% to 40% per year, and further enhance Cryoport’s position as a player in the supply of cryogenic solutions for the life sciences.

MVE’s revenue in 2019 was approximately $83.7 million. Closing is expected by the end of the year, subject to customary closing conditions.