In a separate statement also issued today, Azenta said it will pay €410 million (RM2 billion) when the transaction closes in October.

Another cash consideration of up to €50 million (RM248 million) may be paid upon reaching performance milestones, according to a Nikkei report, citing the Azenta statement.

Navis had, in 2015, acquired a non-core business of Domestic Medical Systems and rebranded it as B Medical Systems.

Since then, it has invested more than €50 million in research and development while establishing low-cost manufacturing facilities in India and Indonesia. It has also expanded and automated manufacturing capabilities in Luxembourg.

With a presence in more than 150 countries, B Med is the world’s largest vaccine cold chain provider. It has supplied and transported temperature-sensitive vaccines globally, particularly to emerging economies in Asia, Latin America and Africa.

In the 12 months leading up to June 30, the company generated about €190 million in revenue, according to Azenta.