Gamma Biosciences: Astrea Bioseparations To Combine With Biotage AB

(RTTNews) - Gamma Biosciences, a life sciences platform formed by KKR, has entered into an agreement with Biotage AB, whereby Biotage will acquire Gamma's operating company, Astrea Bioseparations, in exchange for newly issued shares in Biotage. The enterprise value for Astrea consists of approximately $190 million to be paid at closing in shares of Biotage stock, and up to $45 million in milestone-based cash payments following closing.

Gamma will make a capital injection of approximately $25 million in Astrea. Gamma is expected to become the largest shareholder in Biotage, with approximately 17.0% of shares outstanding.

Gamma Biosciences acquired Astrea in late 2019 and has since grown the company into a global platform through organic investment and synergistic acquisitions.