BOSTON—CELLINK AB and the shareholders of MatTek have inked an agreement under which CELLINK will acquire all outstanding MatTek shares for a purchase price on a cash- and debt-free basis of $68 million, with 20 percent of the purchase price to be paid in newly issued shares of series B in CELLINK and the remaining purchase price in cash.
MatTek is focused on advanced, in-vitro technology for preclinical and clinical studies centered on in-vitro human tissue model innovation, cell isolation, and cell culture. The company boasts a large portfolio of proprietary 3D human tissue and disease models, including 3D reconstructed human-derived tissue models.
“Since 1985, we have led innovation in advanced in-vitro science for clinical and preclinical studies offering in-vitro human tissue model innovation, cell isolation, and cell culture. The time has come for the next step in our journey, where we will have the opportunity to become a member of an innovative bioconvergence powerhouse where our expertise and offering can flourish. We will be able to reach out to a wider community and continue our mission to put an end to animal testing by providing alternative test models,” commented Alex Armento, president and CEO of MatTek.
CELLINK states that this transaction is in line with its commercial strategy and complements its product portfolio. The company expects the acquisition of MatTek to aid in its goal of offering in-vitro model alternatives and phasing out animal testing. CELLINK expects “Several strong synergies by combining CELLINK’s cutting-edge bioprinting technology and modular large-scale industrial robotic flows with MatTek’s 3D reconstructed, human-derived tissue models creating a world-leading tissue model offering, which are based on decades of research, creating the largest proprietary library of 3D human tissue and disease models in the world.” In addition, the companies' combined production workflows are expected to boost capacity for large-scale processes.
The acquisition is expected to be completed by March 24, and following the close of the transaction, MatTek will remain under current entity and management as part of CELLINK's Bioprinting business area.
“With this strategic acquisition of MatTek, we further realize CELLINK’s and the founders’ vision to reduce, and in some cases eliminate, animal testing by providing alternative test models,” said Erik Gatenholm, CEO of CELLINK. “It is truly a great day for all of us at CELLINK, given that this was one of the main reasons why we founded the company five years ago. We are combining our strong purpose driven agenda with trailblazing technology and by doing so we are converging solutions which can change many people’s lives, for the better, and create the future of medicine.
“By combining CELLINK and MatTek’s revolutionary technologies, we can offer market-leading in-vitro methods and finally replace controversial animal tests that are limited by their physiological relevance to predict human results. We see several strong synergies in combining CELLINK’s cutting-edge, bioprinting technology and modular large-scale industrial robotic flows with MatTek’s 3D reconstructed, human-derived tissue models creating a world-leading tissue model offering, which are based on decades of research, creating the largest proprietary library of 3D human tissue and disease models in the world.”
Photo courtesy of Micheile Henderson on Unsplash
