LONDON: hVIVO plc, a leading early-stage Contract Research Organisation specializing in human challenge clinical trials, announced the acquisition of Cryo-Store Limited for up to £3.2 million. The deal includes £2.7 million funded from hVIVO’s existing cash resources and up to £0.5 million in equity, subject to certain terms.
Founded in 1999, Cryo-Store provides off-site, temperature-controlled storage for global pharmaceutical, biotechnology, CRO, and academic research clients. Located in Greenwich, London, the facility has 32 freezers across 2,800 square feet and operates to the highest industry standards, including GMP & GDP compliance. The facility is also licensed by the Human Tissue Authority, holds a home office-controlled drugs licence, and is approved for GMO storage, capable of handling materials up to Biohazard Category 3.
The acquisition provides hVIVO with cross-selling opportunities, expanding its client base and diversifying revenue streams. In 2024, Cryo-Store served 37 clients, with a 97% repeat business rate. hVIVO, a long-term partner of Cryo-Store, represented 16% of its total revenue in 2024. The acquisition is expected to reduce costs and retain greater margins within the Group. Cryo-Store’s services will complement hVIVO’s hLAB and biobank offerings, which currently hold over 500,000 samples and process more than 85,000 samples annually.
Cryo-Store’s management will continue in their current roles to ensure continuity and smooth integration.
Cryo-Store has a track record of consistent revenue growth, recording unaudited revenues of £0.89 million for the year ended 31 December 2024, with an EBITDA of £0.52 million. The company is debt-free and has net assets of £0.84 million.
Under the acquisition terms, three Cryo-Store managers will receive up to 2,773,982 ordinary shares in hVIVO, with an aggregate value of up to £0.5 million. Half of these shares will be allotted on the first anniversary of the completion, and the other half on the second anniversary, subject to the managers remaining with the Group.
Yamin ‘Mo’ Khan, CEO of hVIVO, expressed enthusiasm for the acquisition, stating, “This acquisition represents a strategic step forward in expanding our hLAB and biobank service offering. Bringing Cryo-Store in-house will allow us to drive efficiencies, expand our customer base, and support our long-term growth strategy.”
Malcolm Wilkinson, General Manager of Cryo-Store, commented, “Joining the hVIVO Group is an exciting progression for Cryo-Store. Our long-standing relationship with hVIVO has demonstrated our alignment in values and operational excellence. We look forward to continuing to provide best-in-class storage solutions as part of the hVIVO Group.”