BioLife Solutions (BLFS -0.34%) is starting the week with a bang. On Monday morning, the company announced it has signed a definitive agreement to purchase privately held SciSafe. The price is $30 million, which will be paid half in cash and half in newly issued BioLife common shares.

SciSafe's current investors also will be eligible for up to 626,000 additional shares if the assets from the business hit certain annual revenue milestones. The incentive plan will be in force for a period of four years, but BioLife did not provide any further details about the milestones to be hit. At BioLife's current share price, 626,000 shares would be worth just under $17 million.

In the wake of the announcement, BioLife's stock was trading down marginally, yet still outperforming the top equity market indexes.

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Image source: Getty Images.

Investors might feel that the company, which specializes in products that are used in a fairly wide range of cell and gene therapies, is buying quite a complementary asset. SciSafe provides biological and pharmaceutical storage targeted at the same pool of clients as its soon-to-be owner, in addition to top pharmaceutical companies.

BioLife CEO Mike Rice said that the deal "enables BioLife to offer even more value to our cell and gene therapy customers through an established business with an excellent reputation, marquee customers and seasoned team."

"Through SciSafe, we are accelerating profitable growth by expanding into the high growth biostorage segment with a robust quality system, a scalable business model and strong financial performance," he added.

BioLife said it expects the absorption of SciSafe will contribute $1.8 million to its fourth-quarter revenue; that figure should tally $9 million for the entirety of 2021. SciSafe is anticipated to be accretive to non-GAAP (adjusted) net income beginning next year.