Donaldson Acquires Early-Stage Biotechnology Company Purilogics - Donaldson (NYSE:DCI)

Donaldson Company, Inc. DCI has acquired Purilogics, LLC, an early-stage biotechnology company, for an initial purchase price of $20 million plus milestone-based earnout payments over the next five years.
Founded in 2013 by Jinxiang Zhou and Scott Husson, Purilogics is based in Greenville, South Carolina.
Purilogics offers a broad portfolio of purification tools for many biologics. Purilogics' proprietary formulations and processes create membranes that have significant competitive advantages, enabling faster and more cost-effective production of increasingly complex biologic drugs.
"We are excited about the value Purilogics brings to the Donaldson life sciences portfolio through its novel and differentiated products. Our membrane technology expertise, and global sales and manufacturing footprint, will enable faster development and commercialization of these powerful tools for biologics purification," commented Tod Carpenter, chairman, president, and CEO of Donaldson.
Once commercialized, revenue from Purilogics' products will be reported within the Donaldson Industrial Filtration Solutions business in the Industrial Products segment.
Donaldson held cash and equivalents of $168.7 million as of April 30, 2022.
Price Action: DCI shares are trading lower by 1.84% at $47.92 on the last check Tuesday.