Cryoport to acquire CRYOPDP, expand presence in regions

Cryoport drug M&A

Majmudar & Partners was Indian legal counsel to Cryoport, a NYSE-listed provider of supply chain services for the life sciences industry, when it agreed to acquire CRYOPDP, a Paris-headquartered logistic services provider to the clinical research, pharmaceutical, and cell and gene therapy markets.

McDermott Will & Emery was international legal counsel to Cryoport, while Hogan Lovells, and PwC India and its affiliates, advised CRYOPDP.

The all-cash transaction valued at about US$58 million was signed on 21 August and is expected to close within 60 days.

Describing it as “a very exciting deal in the life sciences and logistics sector”, Akil Hirani, managing partner of Majmudar & Partners, who led the firm’s team, told India Business Law Journal that CRYOPDP’s Indian subsidiary, PDP India, “had some legacy issues, which required thorough analyses and deft negotiations to resolve”.

Hirani said Cryoport needed advice on various Indian legal issues relating to the Foreign Exchange Management Act, contracts, employment and regulatory matters.

The Majmudar team included partner Amrit Mehta, and associates Sinjini Majumdar and Dhruv Somayajula. Ravi Raghavan provided tax advice.

Following the acquisition, CRYOPDP is expected to strengthen Cryoport’s geographic footprint and infrastructure within Europe, the Middle East and Africa, and the Asia-Pacific regions.