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Luxembourg's cold-storage king B Medical Systems sold

Luxembourg's cold-storage king B Medical Systems sold

by Yannick LAMBERT 09.08.2022
Company was hailed during Covid-19 pandemic for vaccine storage and transport technologies
B Medical Systems in Hosingen, Luxembourg
B Medical Systems in Hosingen, Luxembourg
Photo credit: Gerry Huberty

Massachusetts-based Azenta Life Sciences is buying Luxembourg's B Medical Systems, which gained prominence during the pandemic for its vaccine storage and distribution technologies, for €410 million, the companies announced on Monday.

B Medical Systems, based in Hosingen in the north of Luxembourg, is "a market leader in temperature-controlled storage and transportation solutions that enables the delivery of life-saving treatments across the globe", Azenta Life Sciences said in a statement.

Additional cash of up to €50 million depends on the achievement of "future milestones", the companies said.  The transaction is expected to close in October.

B Medical CEO Luc Provost and Deputy CEO Jesal Doshi are expected to continue leading the Luxembourg business, Azenta Life Sciences said.  

The Luxembourg company was founded in 1979, when the World Health Organization (WHO) approached Swedish appliance-maker Electrolux to work on equipment that allows the safe storeage and transport of vaccines around the world. 

The company was renamed in 2015 after it was bought out by its management team and Malaysian private equity firm Navis Capital, which said it has invested more than €50 million in research and development, expanding manufacturing in Luxembourg and establishing plants in low-cost India and Indonesia. B Medical Systems said previously that more than €17 million went into modernising the Hosingen plant.  

B Medical System's three major product areas include vaccine cold chains, medical refrigeration, and blood management solutions.  It has more than 200 employees and its products are used in approximately 150 countries.  The company's ultra-low-temperature freezers store vaccines, human cells and other lab samples at up to minus-86 degrees Celsius.

Azenta Life Sciences has some 3,000 employees around the world and works in areas such as ultra-cold storage, genomics, automation and informatics.

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