Allens advised US private equity firm GI Partners and its portfolio firm, Generate Life Sciences (Generate), on the acquisition of Cell Care by Generate, Australia’s leading umbilical cord blood and tissue bank.
Generate aims to combine the Cell Care business with its existing US umbilical cord banking business, which operates the largest cord blood bank in North America.
The acquisition will create a international platform from which to offer reproductive, genetic and stem cell services, as well as advance newborn stem cell research and regenerative medicine.
Cell Care, which collected and stored the majority of cord blood and tissue samples in Australia, also fully 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 takes place amid growing demand from overseas private equity sponsors for high quality Australian businesses. We are seeing more and more international sponsors looking to create global synergies and diversified portfolios through Australian acquisitions.