Allens has advised US private equity firm GI Partners and its portfolio company, Generate Life Sciences (Generate), on Generate’s acquisition of Cell Care, Australia’s leading cord blood and tissue bank.
Generate aims to combine the Cell Care business with its existing US cord banking business, which operates North America’s largest cord blood bank.
The acquisition will create an international platform from which to offer reproductive, genetic and stem cell services, as well as advancing newborn stem cell and regenerative medicine research.
Cell Care, which has collected and stored the most cord blood and tissue samples in Australia, also wholly controls Canada’s largest cord blood banking program, Insception.
‘We congratulate GI Partners and Generate Life Sciences on this important transaction, which sees Generate Life Sciences add a significant piece of the puzzle to its global expansion’, said lead Partner Kounny Rattley.
‘The transaction comes amid growing demand from overseas private equity sponsors for high-quality Australian businesses. We’re seeing more and more international sponsors looking to create global synergies and diversified portfolios through Australian acquisitions’.