hVIVO PLC (AIM:HVO), the clinical trials specialist, has acquired bio-storage provider Cryostore for up to £3.2 million in a deal expected to boost earnings immediately.
The acquisition, paid for with £2.7 million in cash and up to £500,000 in shares, brings Cryostore’s high-standard, temperature-controlled storage facilities into hVIVO’s portfolio.
Cryostore, founded in 1999, provides secure storage for biological and clinical materials to pharmaceutical, biotech, research and academic clients.
Based in Greenwich, London, its 2,800 sq ft facility houses 32 freezers and meets strict regulatory standards, including GMP and GDP compliance. It is licensed to store materials up to Biohazard Category 3, making it a trusted partner in the biopharma industry.
hVIVO expects the deal to open cross-selling opportunities, expand its client base, and diversify revenue. In 2024, Cryostore served 37 clients, with 97% repeat business and an average client relationship of nine years.
Its CEO, Yamin 'Mo' Khan, said: "This acquisition represents a strategic step forward in expanding our hLAB and biobank service offering by providing high-quality, temperature-controlled storage solutions for the biopharma industry.
"We have worked with Cryostore for over 20 years and recognise its reputation as a high-quality partner, as evidenced by an impressive list of multi-year tenure biopharma clients.
"With a proven track record of consistent revenue growth, strong client retention, and increasing industry demand, bringing this business in-house will allow us to drive efficiencies, expand our customer base, and support our long-term growth strategy."