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Acquisitions | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | 4. Acquisitions 2021 Acquisitions BioFlex Solutions LLC and Newton T&M Corp. On November 29, 2021, the Company entered into an Equity Purchase Agreement with Bioflex, NTM and each of Ralph Meola and Jason Nisler, to acquire 100% of the outstanding securities of Bioflex and NTM (collectively, the “NTM Acquisition”). The transaction closed on December 16, 2021. NTM, which is headquartered in Newton, New Jersey, is the parent company of BioFlex and focuses on manufacturing of products, while BioFlex, also headquartered in Newton, New Jersey, commercializes branded products to biotech customers. The NTM Acquisition complements and expands our filtration offering paths as the industry migrates to single-use flow paths solutions for monoclonal antibody ("mAb"), vaccine and cell and gene therapy ("C&GT") applications, with a focus on single-use fluid management components, including single-use clamps, adapters, end caps and hose assemblies. The NTM Acquisition streamlines and increases control over many components in our single-use supply chain which ultimately should drive reduced lead-times for Repligen customers in the coming years. Consideration Transferred The NTM Acquisition was accounted for as a purchase of businesses under ASC 805, “Business Combinations” and engaged a third-party valuation firm to assist with the valuation of the business acquired. Under the terms of the Equity Purchase Agreement, all outstanding shares of capital stock of BioFlex were acquired for consideration with a value totaling $31.8 million, which includes $3.0 million deposited into an escrow against which the Company may make claims for indemnification. Under the acquisition method of accounting, the assets acquired and liabilities assumed of BioFlex were recorded as of the acquisition date, at their respective fair values, and consolidated with those of the Company. The fair value of the net assets acquired assumed is estimated to be $4.4 million, the fair value of the intangible assets acquired is estimated to be $17.2 million, and the residual goodwill is estimated to be $10.2 million. The estimated consideration and preliminary purchase price information has been prepared using a preliminary valuation. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $0.3 million of transaction and integration costs associated with the NTM Acquisition from the date of acquisition to December 31, 2021. The transaction costs are included in operating expenses in the consolidated statements of comprehensive income for the period ended December 31, 2021. The preparation of the valuation required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that the Company believes to be reasonable. However, actual results may differ from these estimates. Fair Value of Net Assets Acquired The preliminary allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. The purchase accounting for this acquisition is not finalized. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period. Any such revisions or changes may have a material impact on our accounting treatment of the NTM Acquisition. The final allocation may include changes to: (1) deferred revenue; (2) inventory; (3) deferred tax assets, net; (4) allocations to intangible assets such as trademark and tradename, developed technology and customer relationships as well as goodwill; (5) final consideration paid related to working capital adjustments; and (6) other assets and liabilities. The components and estimated allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents |  | $ | 2,870 |
Accounts receivable |  |  | 1,408 |
Inventory |  |  | 741 |
Prepaid expenses and other current assets |  |  | 126 |
Property and equipment |  |  | 34 |
Operating lease right of use asset |  |  | 1,034 |
Customer relationships |  |  | 13,240 |
Developed technology |  |  | 3,540 |
Trademark and tradename |  |  | 310 |
Non-competition agreements |  |  | 60 |
Goodwill |  |  | 10,180 |
Long term deferred tax asset |  |  | 111 |
Accounts payable |  |  | (224 | )
Accrued liabilities |  |  | (574 | )
Operating lease liability |  |  | (1,030 | )
Operating lease liability, long-term |  |  | (3 | )
Fair value of net assets acquired |  | $ | 31,823 |
Acquired Goodwill The goodwill of $10.2 million represents future economic benefits expected to arise from anticipated synergies from the integration of BioFlex and NTM into the Company. These synergies include certain cost savings, operating efficiencies and other strategic benefits projected to be achieved as a result of the NTM Acquisition. Substantially all of the goodwill recorded is expected to be deductible for income tax purposes. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the NTM Acquisition and their estimated useful lives:
|  | Useful life |  | Fair Value |
|  |  |  | (Amounts in thousands) |
Customer relationships |  | 10 years |  | $ | 13,240 |
Developed technology |  | 11 years |  |  | 3,540 |
Trademark and tradename |  | 15 years |  |  | 310 |
Non-competition agreements |  | 3 years |  |  | 60 |
|  |  |  | $ | 17,150 |
Avitide, Inc. On September 16, 2021, the Company entered into an Agreement and Plan of Merger and Reorganization (“Avitide Merger Agreement”) with Avalon Merger Sub, Inc., a Delaware corporation and a wholly owned direct subsidiary of the Company, Avalon Merger Sub LLC, a Delaware limited liability company and a wholly owned direct subsidiary of the Company, Avitide, Inc. ("Avitide"), a Delaware corporation, and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative, agent and attorney-in-fact of Avitide's securityholders to purchase Avitide. The transaction closed on September 20, 2021 and on the terms set forth in the Avitide Merger Agreement (the "Avitide Acquisition"). Avitide, which is headquartered in Lebanon, New Hampshire, offers diverse libraries and leading technology in affinity ligand discovery and development resulting in best-in-class ligand discovery and development lead-times. The acquisition gives the Company a new platform for affinity resin development, including C&GT, and advances and expands the Company’s proteins and chromatography franchise to address the unique purification needs of gene therapies and other emerging modalities. Consideration Transferred The Avitide Acquisition was accounted for as a purchase of a business under ASC 805, “Business Combinations” and engaged a third-party valuation firm to assist with the valuation of the business acquired. Under the terms of the Merger Agreement, all outstanding shares of capital stock of Avitide were cancelled and converted into the right to receive merger consideration with a value totaling up to $275.0 million, which consisted of upfront payments in aggregate of $150.0 million ($149.4 million, net of cash acquired) and up to an additional $125.0 million (undiscounted) in contingent consideration earnout payments if certain performance targets are achieved. Total consideration paid also included $0.8 million deposited into an escrow account against which the Company may make claims for indemnification. The Avitide Acquisition was funded through payment of $75.0 million in cash, the issuance of 271,096 unregistered shares of the Company’s common stock totaling $83.0 million and contingent consideration with fair value of approximately $88.4 million. Under the acquisition method of accounting, the assets acquired and liabilities assumed of Avitide were recorded as of the acquisition date, at their respective fair values, and consolidated with those of the Company. The fair value of the net assets acquired is estimated to be $0.4 million, fair value of the intangible assets acquired is estimated to be $46.7 million, and the residual goodwill is estimated to be $199.2 million. The estimated consideration and preliminary purchase price information has been prepared using a preliminary valuation. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $2.6 million of transaction and integration costs associated with the Avitide Acquisition from the date of acquisition to December 31, 2021. The transaction costs are included in operating expenses in the consolidated statements of comprehensive income for the period ended December 31, 2021. During the fourth quarter of 2021, the Company also recorded a contingent consideration expense of $5.9 million to the Company’s consolidated statement of comprehensive income. See Note 3, "Fair Value Measurements" for additional information. The preparation of the valuation required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that the Company believes to be reasonable. However, actual results may differ from these estimates. Total consideration transferred is as follows (amounts in thousands):
Cash consideration |  | $ | 74,962 |
Equity consideration |  |  | 82,968 |
Contingent consideration - earnout |  |  | 88,373 |
Fair value of net assets acquired |  | $ | 246,303 |
Fair Value of Net Assets Acquired The preliminary allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period (which will not exceed 12 months from September 20, 2021). Any such revisions or changes may have a material impact on our accounting treatment of the Avitide Acquisition. The final allocation may include changes to long term deferred tax liabilities and goodwill. Upon conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments will be recorded to our consolidated statement of comprehensive income. The components and estimated allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents |  | $ | 572 |
Accounts receivable |  |  | 228 |
Inventory |  |  | 332 |
Prepaid expenses and other current assets |  |  | 114 |
Property and equipment |  |  | 1,862 |
Operating lease right of use asset |  |  | 3,648 |
Customer relationships |  |  | 24,580 |
Developed technology |  |  | 20,650 |
Trademark and tradename |  |  | 1,210 |
Non-competition agreements |  |  | 210 |
Goodwill |  |  | 199,245 |
Accounts payable |  |  | (215 | )
Accrued liabilities |  |  | (2,183 | )
Operating lease liability |  |  | (698 | )
Operating lease liability, long-term |  |  | (2,950 | )
Long term deferred tax liability |  |  | (244 | )
Other liabilities |  |  | (58 | )
Fair value of net assets acquired |  | $ | 246,303 |
Acquired Goodwill The goodwill of $199.2 million represents future economic benefits expected to arise from anticipated synergies from the integration of Avitide. These synergies include certain cost savings, operating efficiencies and other strategic benefits projected to be achieved as a result of the Avitide Acquisition. Substantially all of the goodwill recorded is expected to be nondeductible for income tax purposes. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the Avitide Acquisition and their estimated useful lives:
|  | Useful life |  | Fair Value |
|  |  |  | (Amounts in thousands) |
Customer relationships |  | 13 years |  | $ | 24,580 |
Developed technology |  | 15 years |  |  | 20,650 |
Trademark and tradename |  | 18 years |  |  | 1,210 |
Non-competition agreements |  | 3 years |  |  | 210 |
|  |  |  | $ | 46,650 |
Polymem S.A. On June 22, 2021, the Company entered into a Stock Purchase Agreement with Polymem S.A. (“Polymem”), a company organized under the laws of France, and Jean-Michel Espenan and Franc Saux, acting together jointly and severally as the representatives of the sellers pursuant to which Repligen acquired all of the outstanding common stock of Polymem for $47.0 million in cash. The transaction closed on July 1, 2021 (the “Polymem Acquisition.”). Polymem, which is headquartered in, Toulouse, France, is a manufacturer of hollow fiber membranes, membrane modules and systems for industrial and bioprocessing applications. Polymem products will complement and expand the Company’s portfolio of HF systems and consumables. The acquisition substantially increases Repligen’s membrane and module manufacturing capacity and establishes a world-class center of excellence in Europe to address the accelerating global demand for these innovative products. Consideration Transferred The Company accounted for the Polymem Acquisition as a purchase of a business under ASC 805, “Business Combinations” and engaged a third-party valuation firm to assist with the valuation of the business acquired. Payment for the transaction was denominated in Euros but is reflected here in U.S. Dollars for presentation purposes based on an exchange rate of 0.8437 as of July 1, 2021, the date of acquisition. Total consideration paid was approximately $47.0 million, which included approximately $4.3 million deposited into an escrow account against which the Company may make claims for indemnification. The fair value of the net assets acquired is approximately $2.2 million, the fair value of the intangible assets acquired is approximately $9.1 million, and the residual goodwill is approximately $35.7 million. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $3.1 million of transaction and integration costs associated with the Polymem Acquisition from the date of acquisition to December 31, 2021. The transaction costs are included in operating expenses in the consolidated statements of comprehensive income for the period ended December 31, 2021. Fair Value of Net Assets Acquired The preliminary allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. As additional information becomes available, the Company may further revise its preliminary purchase price allocation during the remainder of the measurement period (which will not exceed 12 months from July 1, 2021). The final allocation may include changes to final payments made related to working capital adjustments, long term deferred tax liabilities and goodwill. Any such revisions or changes may have a material impact on our accounting treatment of the Polymem Acquisition. The components and estimated allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents |  | $ | 353 |
Net working capital (excluding cash and inventory step-up) |  |  | 414 |
Inventory step-up |  |  | 543 |
Operating lease right of use assets |  |  | 1,424 |
Property and equipment |  |  | 3,145 |
Other assets |  |  | 41 |
Developed technology |  |  | 8,274 |
Trademark and tradenames |  |  | 510 |
Non-compete agreements |  |  | 312 |
Goodwill |  |  | 35,680 |
Operating lease liability |  |  | (1,253 | )
Long term deferred tax liability |  |  | (2,327 | )
Other long-term liabilities |  |  | (143 | )
Fair value of net assets acquired |  | $ | 46,973 |
Acquired Goodwill The goodwill of approximately $35.7 million represents future economic benefits expected to arise from anticipated synergies from the integration of Polymem. These synergies include certain cost savings, operating efficiencies and other strategic benefits projected to be achieved as a result of the Polymem Acquisition. Substantially all of the goodwill recorded is expected to be nondeductible for income tax purposes. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the Polymem Acquisition and their estimated useful lives:
|  | Useful life |  | Fair Value |
|  |  |  | (Amounts in thousands) |
Developed technology |  | 13 years |  | $ | 8,274 |
Trademark and tradename |  | 14 years |  |  | 510 |
Non-competition agreements |  | 5 years |  |  | 312 |
|  |  |  | $ | 9,096 |
2020 Acquisitions ARTeSYN Biosolutions Holdings Ireland Limited On October 27, 2020, the Company entered into an Equity and Asset Purchase Agreement with ARTeSYN, a company organized under the laws of Ireland, Third Creek Holdings, LLC, a Nevada limited liability company, Alphinity, LLC, a Nevada limited liability company (“Alphinity”, and together with Third Creek Holdings, LLC the “Sellers”), and Michael Gagne, solely in his capacity as the representative of the Sellers, pursuant to which the Company acquired (i) all of the outstanding equity securities of ARTeSYN and (ii) certain assets from Alphinity related to the business of ARTeSYN (collectively, the “ARTeSYN Acquisition”) for approximately $200 million, comprised of approximately $130 million in cash to the Sellers and approximately $70 million in Repligen common stock to Third Creek. The transaction closed on December 3, 2020. ARTeSYN is headquartered in Waterford, Ireland and conducts its operations in Ireland, the United States and Estonia. Its suite of single-use solutions has been created with the goal of enabling “abundance in medicine” by allowing 10x greater efficiency in biologics manufacturing. The ARTeSYN team has created a number of solutions targeting the single-use space from single-use valves with fully disposable valve liners, XO® skeletal supports, a hybrid small parts offering for de-bottlenecking traditional facilities, and fully automated SU process systems that have quickly become leading solutions in the bioprocessing industry. In addition to its single-use solutions, ARTeSYN also engages in the manufacture of large-scale systems to be used for biologics manufacturing. ARTeSYN has established downstream processing leadership with a suite of state of the art single-use systems for chromatography, filtration, continuous manufacturing and media/buffer prep workflows. In addition, the Company has integrated unique flow path assemblies utilizing the Company’s silicone extrusion and molding technology, to deliver highly differentiated, low hold-up volume systems that minimize product loss during processing. The ARTeSYN portfolio expands on the market success of the Company’s hollow fiber systems and complements its chromatography and TFF filtration product lines. Consideration Transferred The ARTeSYN Acquisition was accounted for as a purchase of a business under ASC 805, “Business Combinations”. The ARTeSYN Acquisition was funded through payment of $130.7 million in cash, as well as issuance of 372,990 unregistered shares of the Company’s common stock totaling $69.4 million, contingent consideration of approximately $1.5 million, and settlement of preexisting invoices with the Company of approximately $2.3 million, for a total purchase price of $204.0 million. Under the acquisition method of accounting, the assets acquired and liabilities assumed of ARTeSYN were recorded as of the acquisition date, at their respective fair values, and consolidated with those of the Company. The fair value of the net tangible assets acquired is estimated to be $8.0 million, the fair value of the intangible assets acquired is estimated to be $67.4 million, and the residual goodwill is estimated to be $128.6 million. The estimated consideration and purchase price information was prepared using a valuation. Payment of the final consideration for working capital was made in April 2021. The preparation of the valuation required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that the Company believes to be reasonable. However, actual results may differ from these estimates. Total consideration transferred is as follows (amounts in thousands):
Cash consideration |  | $ | 130,713 |
Equity consideration |  |  | 69,422 |
Contingent consideration |  |  | 1,548 |
Settlement of preexisting liabilities |  |  | 2,310 |
Fair value of net assets acquired |  | $ | 203,993 |
Acquisition related costs are not included as a component of consideration transferred but are expensed in the periods in which the costs are incurred. The Company incurred $4.0 million in transaction and integration costs associated with the ARTeSYN Acquisition from the date of acquisition to December 31, 2020, and an additional $4.7 million of transaction and integration costs during 2021. The transaction costs are included in operating expenses in the consolidated statements of comprehensive income for the period ended December 31, 2021. The consideration transferred includes approximately $1.5 million related to consideration that was deferred at the acquisition date, with payment to the ARTeSYN Sellers contingent upon recognizing revenue on a large-scale system within 120 days of the acquisition date. This consideration is recorded at its estimated fair value as of the acquisition date, which includes the assumption of high probability of such revenue being recognized. Fair Value of Net Assets Acquired The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. We have made appropriate adjustments to the purchase price allocation during the measurement period, which ended on December 3, 2021. During 2021, the Company recorded net working capital adjustments of $0.1 million related to settlement of pre-acquisition liabilities, which offset goodwill in the table below. The components and estimated allocation of the purchase price consists of the following amounts (amounts in thousands):
Cash and cash equivalents |  | $ | 2,982 |
Accounts receivable |  |  | 4,811 |
Inventory |  |  | 8,592 |
Prepaid expenses and other current assets |  |  | 5,561 |
Property and equipment |  |  | 1,836 |
Operating lease right of use asset |  |  | 1,611 |
Other noncurrent assets |  |  | 26 |
Customer relationships |  |  | 38,400 |
Developed technology |  |  | 27,060 |
Trademark and tradename |  |  | 1,630 |
Non-competition agreements |  |  | 300 |
Goodwill |  |  | 128,598 |
Accounts payable |  |  | (2,251 | )
Accrued liabilities |  |  | (8,706 | )
Deferred revenue |  |  | (3,583 | )
Deferred tax liabilities, net |  |  | (1,240 | )
Notes payable |  |  | (24 | )
Operating lease liability |  |  | (417 | )
Operating lease liability, long-term |  |  | (1,193 | )
Fair value of net assets acquired |  | $ | 203,993 |
Acquired Goodwill The goodwill of $128.6 million represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to increase market presence and the extension of existing customer relationships. Substantially all of the goodwill recorded is expected to be deductible for income tax purposes. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the ARTeSYN Acquisition and their estimated useful lives:
|  | Useful life |  | Fair Value |
|  |  |  | (Amounts in thousands) |
Customer relationships |  | 17 years |  | $ | 38,400 |
Developed technology |  | 15 years |  |  | 27,060 |
Trademark and tradename |  | 21 years |  |  | 1,630 |
Non-competition agreements |  | 3 years |  |  | 300 |
|  |  |  | $ | 67,390 |
Non-Metallic Solutions, Inc. On October 15, 2020, the Company entered into a Stock Purchase Agreement with NMS, a Massachusetts corporation, and each of William Malloneé and Derek Masser, the legal and beneficial owners of NMS, to purchase NMS, which transaction subsequently closed on October 20, 2020 (the “NMS Acquisition”). NMS, headquartered in Auburn, Massachusetts, is a manufacturer of fabricated plastics, custom containers, and related assemblies and components used in the manufacturing of biologic drugs. The acquisition of NMS allows Repligen to expand its line of single-use systems and associated integrated flow path assemblies and streamline the supply chain for current products, providing more flexibility to scale and expand the Company's single-use and systems portfolios. Consideration Transferred The NMS Acquisition was accounted for as a purchase of a business under ASC 805, “Business Combinations.” Total consideration paid was $16.1 million, which included $1.3 million deposited into an escrow account against which the Company may make claims for indemnification. The fair value of the net tangible assets acquired was $0.9 million, the fair value of the intangible assets acquired was $8.5 million, and the residual goodwill was $6.7 million. Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which costs are incurred. The Company incurred $0.2 million of transaction and integration costs associated with the NMS Acquisition from the date of acquisition to December 31, 2020, and $0.5 million in 2021. The transaction costs are included in SG&A expenses in the consolidated statements of comprehensive income. Fair Value of Net Assets Acquired The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. We have made appropriate adjustments to the purchase price allocation during the measurement period, which ended on October 20, 2021. The components and allocation of the purchase price consist of the following (amounts in thousands):
Cash and cash equivalents |  | $ | 1,163 |
Accounts receivable |  |  | 415 |
Inventory |  |  | 334 |
Prepaid expenses and other current assets |  |  | 13 |
Property and equipment |  |  | 73 |
Operating lease right of use asset |  |  | 194 |
Customer relationships |  |  | 6,370 |
Developed technology |  |  | 1,810 |
Trademark and tradename |  |  | 190 |
Non-competition agreements |  |  | 90 |
Goodwill |  |  | 6,713 |
Deferred tax assets |  |  | 24 |
Accounts payable |  |  | (96 | )
Accrued liabilities |  |  | (999 | )
Operating lease liability |  |  | (136 | )
Operating lease liability, long-term |  |  | (59 | )
Fair value of net assets acquired |  | $ | 16,099 |
Acquired Goodwill The goodwill of $6.7 million represents future economic benefits expected to arise from anticipated synergies from the integration of NMS. These synergies include certain cost savings, operating efficiencies and other strategic benefits projected to be achieved as a result of the NMS Acquisition. Substantially all of the goodwill recorded is expected to be deductible for income tax purposes. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the NMS Acquisition and their estimated useful lives:
|  | Useful life |  | Fair Value |
|  |  |  | (Amounts in thousands) |
Customer relationships |  | 14 years |  | $ | 6,370 |
Developed technology |  | 12 years |  |  | 1,810 |
Trademark and tradename |  | 15 years |  |  | 190 |
Non-competition agreements |  | 3 years |  |  | 90 |
|  |  |  | $ | 8,460 |
Revenue, Net Income and Pro Forma Presentation The Company has included the operating results of our 2021 acquisitions of Polymem, Avitide and NTM and the 2020 acquisitions of ARTeSYN, NMS and EMT in its consolidated statements of comprehensive income since their respective acquisition dates. The Company does not consider these acquisitions to be material to its consolidated statements of comprehensive income and therefore has not included pro forma results. Effective July 11, 2021, EMT was absorbed into the Company by way of “short-form” merger pursuant to New York and Delaware law, which did not require a vote of the Company’s shareholders.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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