IRELAND: Trane Technologies is to acquire the US company Farrar Scientific, a leader in ultra-low-temperature refrigeration for biopharmaceutical and other life science applications.
Based in Marieta, Ohio, Farrar Scientific specialises in ultra-low temperature cascade refrigeration engineering, consultative solutions and OEM products for pharmaceutical, life science, biotechnology and biorepository applications.
According to Trane, Farrar Scientific’s proprietary technology fills an unmet need for flexible, modular, and efficient ultra-low temperature process and storage, including cooling and heating/thawing. The solutions can provide an alternative to large-scale freezer farms or capital-intensive cold rooms used in manufacturing of drugs, vaccines and other biological products.
“Farrar Scientific has revolutionised ultra-low temperature control for biopharmaceutical companies and become a critical supplier to large pharma customers,” commented Trane Technologies CEO Dave Regnery.
“It brings technologies that meet critical needs in the addressable healthcare manufacturing and bioprocessing market, which is expected to grow to $1.65bn by 2023,” he added.
Trane Technologies will acquire 100% of Farrar Scientific’s assets, including its patented ultra-low temperature control technologies, the development and assembly operation in Marietta, and a specialised team of engineers, sales engineers, operators, and technicians.
Holly Paeper, current vice president of strategic sales, commercial HVAC Americas, has been appointed president of the new business, Trane Technologies Life Science Solutions, which will operate as part of the company’s Commercial HVAC Americas business unit.
Farrar Scientific personnel will join the Trane Technologies’ Life Science Solutions team. This includes Scott Farrar, founder and chief technology officer of Farrar Scientific, who will serve as vice president of technology and innovation. Jim Vuksic, Farrar Scientific’s president and CEO, will serve as an advisor to the team.
The upfront transaction value is $250m, with a total transaction value of up to $365m inclusive of $115m in additional payout potential in 2025 tied to the attainment of key financial targets.