Swedish company Getinge has announced plans to take over High Purity New England (HPNE) in a deal worth up to $290 million.

HPNE supplies products that help biopharmaceutical and biotechnology players in the production of monoclonal antibodies, vaccines, cell and gene therapies and other next-generation therapies. The range of products include drug discovery and upstream and downstream processing.

Getinge’s latest buy will grow its presence in the bioprocessing space in a deal that is expected to close in Q3 2023. According to the terms of the deal, the company will pay SEK 1,300 million ($120 million) in cash to take over all remaining shares from HPNE. An additional SEK 1,850 M ($170 million) can be paid out in 2024 – 2026 if agreed net revenue performance milestones are achieved in 2023 – 2025.

The acquisition is not expected to impact Getinge’s operating profit and earnings per share in 2023.

“This acquisition is another step in Getinge Life Science strategic journey to further expand our presence in the biopharma segment,” said Eric Honroth, President of Life Science at Getinge.

Over the years HPNE has supplied the industry with single use assemblies and earlier this year launched FlexxConnexx, a service for single use assembly that reduces lead times and creates security in the SU supply chain.

The planned purchase of 100% of HPNE shares follows a recent acquistion of Ultra Clean Systems and its ultrasonic cleaning tech for SEK 170 million ($16 million). In April Getinge partnered with the Indian Institute of Technology (IIT) focusing on the use of artificial intelligence (AI) to help understaffed intensive care units detect which patients need urgent care.