US-based life sciences solutions provider Azenta has signed a definitive agreement to acquire B Medical Systems and its subsidiaries for approximately €410m.

B Medical Systems provides temperature-controlled storage and transportation solutions globally to enable the delivery of life-saving treatments.

The transaction includes payment of additional cash consideration of up to €50m upon achievement of certain future performance milestones. It is expected to close in October this year.

The acquisition of B Medical will help Azenta enhance its cold chain capabilities by adding distinct solutions for the safe and traceable transportation of temperature-sensitive specimens.

Based in Hosingen, Luxembourg, B Medical serves emerging markets that require solutions for safe and dependable temperature-controlled storage and transportation.

The company’s portfolio comprises blood management solutions, medical refrigeration for ambient to -86°C temperatures, and vaccine conveyance systems with real-time monitoring options.

More than 500,000 devices from B Medical have been deployed in about 150 different nations throughout the world.

Azenta president and CEO Steve Schwartz said: “We are excited to add B Medical into our growing portfolio of offerings.

“B Medical has done an outstanding job carving out a strong market position in the vaccine cold chain, and we see a breadth of opportunities to drive even further value from the portfolio by leveraging the Azenta platform.”

B Medical reported revenue of about €109m for the 12 months that ended on 30 June 2022.

The management anticipates the deal to increase non-GAAP earnings in the fiscal year 2023 and GAAP earnings in the fiscal year 2024.

B Medical CEO Luc Provost said: “We are excited to join the Azenta team as we combine our capabilities and expertise in cold chain solutions to drive the next leg of growth.

“Together, I look forward to continuing our mission to create technology that helps save lives across the world.”