Repligen, a Waltham, Massachusetts-based life sciences company specializing in bioprocessing technologies, has entered into a definitive agreement to acquire BioLife Solutions, a Bothell, Washington-based developer of biopreservation media and cell processing tools for the cell and gene therapy market, in a transaction valued at approximately $1.5 billion.

BioLife’s biopreservation media portfolio, led by its CryoStor platform, supports 18 commercially approved therapies and the majority of U.S. commercially sponsored cell-based therapy trials, according to the announcement. Repligen said the acquisition will expand its presence in the cell therapy market and add a recurring revenue consumables business with complementary cell processing tools.

“Cell therapy represents a significant and growing portion of the global pharma pipeline, while commercial revenues are projected to grow at more than 20% annually through the end of the decade,” according to Repligen, which expects the acquisition to be accretive to revenue growth, adjusted margins, and adjusted earnings per share, while generating at least $20 million in cost synergies during the first year and at least $30 million in the second year through manufacturing, supply chain, and administrative efficiencies.

Olivier Loeillot, president and CEO of Repligen, said in a statement the acquisition strengthens the company’s position as a provider of technologies for biologics manufacturing and that BioLife’s differentiated portfolio and recurring revenue profile make it a compelling addition.

The announcement follows Repligen’s April opening of a training and innovation center at its chromatography column manufacturing facility in Breda, Netherlands, the company’s third global training and innovation center, designed to provide hands-on technical support across upstream and downstream bioprocessing workflows for European customers.

The majority of Repligen’s manufacturing sites are in the U.S., with key facilities in Estonia, France, Germany, Ireland, the Netherlands, and Sweden, according to the company. Repligen customers are primarily biopharma drug developers and contract development and manufacturing organizations (CDMOs), with focus areas in filtration and fluid management, chromatography, process analytics, and proteins.