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WALTHAM, Mass. - Repligen Corporation (NASDAQ:RGEN), a leader in bioprocessing technologies for biological drugs, has completed the acquisition of a suite of desktop devices from 908 Devices Inc . (NASDAQ:MASS) for $70 million in cash - a significant sum considering MASS’s current market capitalization of approximately $69 million. The company maintains a strong balance sheet with more cash than debt and a healthy current ratio of 4.24. This move aims to enhance Repligen’s process analytical technology (PAT) offerings and provide comprehensive analytics solutions across bioprocessing workflows.
The transaction includes four key devices: MAVERICK and MAVEN, which monitor and control bioprocess parameters in real-time; REBEL, an at-line cell culture media analyzer; and ZipChip, which performs high-resolution sample separations. These additions are expected to complement Repligen’s downstream analytics portfolio, enabling the company to serve a broader range of modalities. According to InvestingPro data, 908 Devices has maintained revenue growth of 16.08% over the last twelve months, despite challenging market conditions.
Olivier Loeillot, President and CEO of Repligen, expressed enthusiasm for the acquisition, stating it would help customers integrate digitization technologies into their production processes. Kevin J. Knopp, CEO and Co-founder of 908 Devices, wished Repligen success and confirmed 908 Devices’ continued focus on its handheld analytical devices for health and safety applications.
The financial advisors for the deal were Centerview Partners LLC for Repligen and Perella Weinberg Partners for 908 Devices. Legal counsel was provided by Goodwin Procter and Paul Hastings LLP, respectively.
908 Devices will hold a conference call to discuss the divestiture of its desktop assets in conjunction with its fourth-quarter 2024 financial results. The call is scheduled for early Tuesday morning, with a webcast available on the company’s Investor Relations website. InvestingPro analysis suggests the stock is currently undervalued, with 16 additional ProTips available for subscribers looking to gain deeper insights into the company’s financial health and future prospects. Get access to the comprehensive Pro Research Report, part of InvestingPro’s coverage of over 1,400 US stocks, for detailed analysis and actionable investment intelligence.
Repligen, headquartered in Waltham, Massachusetts, specializes in filtration, fluid management, chromatography, process analytics, and proteins, serving drug developers and CDMOs globally. 908 Devices, based in Boston, designs and manufactures devices for chemical analysis used in various critical applications, currently trading at a modest Price/Book ratio of 0.53, reflecting potential value opportunity in the market.
This press release contains forward-looking statements regarding the expected benefits and performance of the acquired assets and business strategies. These statements are subject to risks and uncertainties that could cause actual results to differ materially. The information is based solely on the press release statement and does not include speculation or broader industry impacts.
In other recent news, 908 Devices Inc. reported a 20% increase in fourth-quarter revenues, reaching $17.2 million, which exceeded both Stephens’ projection of $15.6 million and the consensus estimate of $16.1 million. The company’s annual revenue growth is anticipated to be 15%, aligning with the upper end of its revenue guidance. This growth was largely driven by strong sales in both handheld and desktop device categories. The acquisition of RedWave Technology also played a significant role, contributing approximately $11 million to the fiscal year 2024 revenue and achieving double-digit growth on a pro forma basis. Stephens maintained an Overweight rating on the company, citing the positive Q4 results.
Additionally, 908 Devices ended the quarter with approximately $69.5 million in cash and equivalents, despite a cash consumption of about $2 million during the last quarter of 2024. The company noted an increased demand for its handheld FTIR devices, with CEO Kevin J. Knopp expressing optimism about the future growth prospects of the handheld portfolio. These developments reflect the company’s ongoing momentum and strategic growth initiatives.
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