SCIENCE.

Cryoport Announces Agreement to Acquire

MVE Biological Solutions from Chart Industries

Cryoport will become

a leading global provider of cryogenic life sciences solutions Acquisitions of MVE, along with CRYOPDP is expected to increase

Cryoport's revenue run rate to over $160 million and to be immediately accretive Blackstone to invest $275 million in Cryoport

to fund the acquisition NASHVILLE, Tenn., Aug. 25, 2020 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX)

("Cryoport" or the "Company"), a global leader in temperature- controlled supply chain solutions for the life

sciences industry, today announced it has signed an agreement to acquire MVE Biological Solutions ("MVE"), a global

leader in manufactured vacuum insulated products and cryogenic freezer systems for the life sciences industry, from Chart

Industries, Inc. (NASDAQ: GTLS). This acquisition is a further step in Cryoport fulfilling

its mission of being "the life sciences industry's preeminent partner for temperature- controlled supply chain solutions"

by broadening its footprint of solutions and services to the life sciences industry, and in particular to the fast-growing cell

and gene market. With the acquisitions of MVE, CryoPDP and Cryogene, Cryoport will provide fully integrated, end-to-end supply

chain solutions to cell and gene therapy clients as well as the broader life sciences industry.

As a Cryoport company, MVE

will expand Cryoport's role in the cell and gene therapy supply chain ecosystem, a business that is forecasted to grow 30% to 40%

per year, and further enhance Cryoport's position as a leading player in the supply of cryogenic solutions for the life sciences

industry. Under the agreement, Cryoport will acquire MVE in an all cash transaction valued at $320 million. Closing is expected

by the end of the year, subject to regulatory approval and customary closing conditions, MVE's revenue for 2019 was approximately

$83.7 million and it is expected to be immediately accretive.

Blackstone Investment

To fund the acquisition,

Cryoport is receiving a $275 million investment from funds managed by Blackstone Tactical Opportunities (NYSE: BX) ("Blackstone").

Under the terms of its investment, Blackstone will purchase $250 million of a newly designated Perpetual 4% Series C Convertible

Preferred stock of the Company, with a purchase price of $1,000 per share, and $25 million of common stock of the Company. The

remainder of the purchase price for the MVE acquisition will be paid from the Company's cash balance. The preferred stock will

be convertible into shares of Cryoport's common stock at a conversion price of $38.6152 per share, representing a premium of 15%

to Cryoport's 30 trading day volume-weighted average price (VWAP) as of August 20th, 2020 prior to the announcement of the CRYOPDP

acquisition and the $25 million of common stock will be sold at a price of $37.0076 per share. Blackstone's investment is subject

to the closing of the acquisition of MVE and other customary closing conditions. In conjunction with Blackstone's investment in

Cryoport, Cryoport will appoint Ram Jagannath, Senior Managing Director and Global Head of Healthcare for Blackstone Growth and

Tactical Opportunities, to its Board of Directors upon the closing of the transaction. Additional information regarding the MVE

acquisition and the Blackstone investment will be included in a Form 8-K to be filed by Cryoport with the Securities and Exchange

Headquartered in Ball Ground,

Georgia, USA, MVE provides cryogenic storage and transportation solutions for the life sciences industry through its advanced line

of stainless steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences

commodities, which includes the rapidly growing cell and gene therapies business. With over 226 dedicated employees and three primary

facilities, in the states of Georgia and Minnesota and Cheng-du, China, MVE serves over 300 primary customers.

This transaction represents a

hallmark event with two supporting life science leaders, Cryoport and MVE Biological Solutions, coming together to further de-risk

processes for the life sciences industry at a time when these services are poised for exponential growth. Furthermore, it is the

continuation of Cryoport's drive in further developing the highest quality, most reliable and comprehensive temperature-controlled

supply chain company supporting the life sciences industry. Cryoport, with the addition of MVE will deliver a unique combination

of passionate teams with outstanding industry knowledge; industry-leading global client coverage; advanced temperature controlled

engineering capabilities; and unparalleled temperature-controlled supply change innovation.

Jerrell Shelton, CEO of Cryoport,

said, "The acquisition of MVE Biological Solutions represents an important step in carrying out Cryoport's mission. It further

entrenches us in the cell and gene therapy supply chain ecosystem at a time when cell and gene therapies are experiencing rapid

and sustained growth, and with an even more exciting growth story ahead. Bringing MVE Biological Solutions under the Cryoport umbrella,

which will include Cryoport Systems, Cryogene, and the recently announced agreement to acquire CRYOPDP is expected to increase

our revenue run rate to over $160 million and to be immediately accretive.

"Both companies serve sophisticated

life sciences clients, and having these two life sciences supporting leaders working together will amplify the high quality and

reliability their respective customers have come to rely on. The agreement to acquire MVE follows on the heels of our agreement

to acquire CRYOPDP, a France-based specialty temperature-controlled life sciences logistics company. This marks an exciting time

in our growth as we become a larger and more comprehensive global player in supporting the fast growing cell and gene therapy industry

and the life sciences industry, at large, with the most advanced and reliable temperature-controlled supply chain solutions in

Ram Jagannath, Senior Managing

Director of Blackstone, said, "Life sciences and logistics are two of Blackstone's highest-conviction investment areas and

we're excited to back an industry-leader at the cross-section of these fast-growing sectors. Together, Cryoport and MVE Biological

Solutions offer a unique combination of industry knowledge, client coverage, engineering and innovation. Through Cryoport's acquisition,

we believe MVE Biological Solutions will deliver strong growth as the demand for its solutions from cell and gene therapy customers

continues to increase. This acquisition provides multiple value creation opportunities for Cryoport and MVE Biological Solutions

that offer additional revenue growth upside, including the development of new product innovations, opportunities to grow with key

distributors in the U.S., and the opportunity to increase direct customer sales and distributor relationships globally. This strategic

acquisition allows Cryoport to continue to increase services for cell and gene therapy customers, providing mission- critical solutions

helping improve patient outcomes and save lives."

Morgan Stanley & Co. LLC

is acting as exclusive financial advisor to Cryoport and Latham & Watkins LLP is acting as its legal advisor. Goldman, Sachs

& Co. is acting as exclusive financial advisor to Blackstone and Simpson Thacher & Bartlett LLP is acting as its legal

Cryoport management will host

a conference call and webcast, including a slide deck, at 8:30am ET on Tuesday, August 25, 2020 to discuss the acquisition.

Conference Call Information

call will be recorded and available approximately three hours after completion of the live event on the Investor Relations section

of the Company's website at www.cryoport.com for

a limited time. To access the replay of the webcast, please follow this link.

A dial-in replay of the call will also be available, to those interested, until September 1, 2020. To access the replay, dial

+1 844-512-2921 (United States) or +1 412-317-6671 (International) and enter replay pin number: 10010868.

About Cryoport, Inc.

Cryoport, Inc. (Nasdaq:

CYRX) is redefining temperature controlled supply chain support for the life sciences industry by providing a broad platform of

temperature-controlled supply chain solutions, serving the Biopharma, Reproductive Medicine, and Animal Health markets. Our mission

is to support life and health on earth by providing reliable and comprehensive solutions for the life sciences industry through

our advanced technologies, global supply chain network and dedicated scientists, technicians and supporting team of professionals.

Through our purpose-built, proprietary Cryoport Express

Shippers; Cryoportal information

technology; validated Global Logistics Centers; smart and sustainable temperature-controlled logistics solutions; and biostorage/biobanking

services, Cryoport serves clients in life sciences research, clinical trials, and product commercializations. We support life-saving

advanced cell and gene therapies and deliver vaccines, protein producing materials, and IVF materials

in over 100 countries around the world. For more information, visit www.cryoport.com

or follow @cryoport on Twitter at www.twitter.com/cryoport

and Blackstone Tactical Opportunities

Blackstone is one of the world's

leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest

in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve

problems. Our asset management businesses, with $564 billion in assets under management, include investment vehicles focused on

private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and

secondary funds, all on a global basis.

Opportunities is Blackstone's opportunistic investment platform. This team invests globally across asset classes, industries and