Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Repligen (NASDAQ:RGEN), a manufacturer of bioprocessing products used in the development of monoclonal antibodies and biologic drugs, jumped by as much as 10% after announcing the acquisition Refine Technology's bioprocessing business.

So what: As announced yesterday, Repligen will acquire Refine's bioprocessing business, which includes Refine's Alternating Tangential Flow System, "a market-leading device used to significantly increase product yield during the fermentation step of the biologic drug manufacturing process." Under the terms of the deal, Repligen will pay $20.5 million in cash and 215,285 shares of Repligen common stock for a total payment of $24.5 million. In addition, Refine is eligible for various milestone and royalty revenue payments based on the sales potential of its bioprocessing business. Repligen anticipates its purchase will add $3.5 million-$4 million in revenue for 2014, and as such boosted its full-year revenue forecast to a fresh range of $56 million-$59 million from its prior forecast of $52 million-$55 million. Furthermore, it lowered its operating income forecast to a range of $10 million-$12 million from $11 million-$13 million as a result of one-time costs associated with this transaction.

Now what: Overall the purchase looks like a smart move over the long run for Repligen, which has been actively looking for new avenues for growth. While I do see value in its bioprocessing business, its shares have vaulted higher by nearly 200% over the trailing 52-weeks despite the fact that its growth rate is probably pacing in the high single-digits at best, and its forward P/E is a dizzying 67 as of this writing. I'd need to see a rapid acceleration in growth or a serious decline in Repligen's share price before I'd even consider this as a viable investment going forward. For now, consider me a sideline spectator.