Freshworks to Replace BioLife Solutions in S&P SmallCap 600

S&P Dow Jones Indices announced on October 5, 2026 that Freshworks Inc. (FRSH ) will replace BioLife Solutions Inc. (BLFS ) in the S&P SmallCap 600, effective prior to the open of trading on October 8, 2026. S&P MidCap 400 constituent Repligen Corp. is acquiring BioLife Solutions in a deal the index provider described as expected to be completed soon, pending final closing conditions.

The index provider’s summary table lists Freshworks as an addition under the Information Technology GICS sector and BioLife Solutions as a deletion under Health Care, both with an effective date of October 8, 2026.

Repligen’s Pending Acquisition of BioLife Solutions

Repligen, based in Waltham, Massachusetts, and BioLife Solutions, based in Bothell, Washington, announced on July 22, 2026 that they had entered into a definitive agreement under which Repligen, subject to customary closing conditions, will acquire BioLife for a total enterprise value of approximately $1.5 billion, comprised of 64% in Repligen common stock and 36% in cash. The directors of each company unanimously approved the transaction.

Under the agreement’s terms, BioLife stockholders will receive $11.25 per share in cash and 0.1442 shares of Repligen common stock, which the companies state equates to a total value of $31.00 per share. The companies state the consideration represents an implied premium of 24% to BioLife’s 90-day volume-weighted average price for the period ended July 21, 2026. The transaction is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals, approval by BioLife stockholders, and the satisfaction of other customary closing conditions set forth in the merger agreement. Repligen states the cash component of the merger consideration will be funded with cash on hand and that its balance sheet is expected to hold greater than $300 million of pro forma cash and cash equivalents after closing.

BioLife is a developer and supplier of cell processing tools and services for the cell and gene therapy market. According to Repligen, BioLife’s biopreservation media portfolio, led by CryoStor, supports 18 commercially approved therapies and the majority of U.S. commercially sponsored cell-based therapy trials. Repligen expects at least $20 million of synergies in the first year and at least $30 million in the second year, from eliminating public-company costs, G&A efficiencies, and manufacturing and supply-chain optimization. The company also expects the transaction to be accretive to its top-line growth, adjusted margins, and adjusted earnings per share by at least 5 cents in year one and at least 25 cents in year two.

Olivier Loeillot, Repligen’s president and chief executive officer, called the acquisition “a natural next step in the evolution of our strategy.”

In the same July announcement, the companies released preliminary second-quarter figures. Repligen reported preliminary revenue growth of approximately 12% as reported and 13% on an organic basis, both compared with the same period in 2025, and BioLife reported preliminary revenue of $28.5 million, an increase of 21% from $23.4 million in the second quarter of 2025. The companies stated the preliminary results are unaudited and subject to change pending completion of each company’s quarter-end financial close process.

Perella Weinberg and Goldman Sachs (GS ) & Co. LLC are serving as financial advisors, and Goodwin Procter as legal counsel, to Repligen. Centerview Partners, LLC is serving as financial advisor, and K&L Gates LLP as legal counsel, to BioLife.

Freshworks’ Second-Quarter 2026 Results

Freshworks, based in San Mateo, California, and listed on Nasdaq under the ticker FRSH, most recently reported results on August 4, 2026, covering its second quarter ended June 30, 2026. The company reported total revenue of $237.4 million, up 16% from $204.7 million in the second quarter of 2025, and GAAP net income of $3.2 million, which it described as its first quarter of GAAP profitability in 2026. The company noted that all 2026 financial figures include the results of its FireHydrant business.

Freshworks reported GAAP income from operations of $6.1 million, a 2.6% operating margin, compared with a GAAP loss from operations of $8.7 million, a negative 4.2% margin, in the prior-year quarter. Non-GAAP income from operations was $55.9 million, a 23.6% margin. Non-GAAP diluted net income per share was $0.17, compared with $0.18 a year earlier, and GAAP diluted net income per share was $0.01, compared with a loss of $0.01 per share. Net cash provided by operating activities was $58.5 million, a 24.7% margin, and adjusted free cash flow was $57.7 million, a 24.3% margin. Cash, cash equivalents, restricted cash and marketable securities totaled $665.3 million as of June 30, 2026.

The company reported 1,746 customers contributing more than $100,000 in annual recurring revenue, an increase of 25% year over year, along with 4,091 customers contributing more than $50,000, up 18%, and 25,356 customers contributing more than $5,000, up 6%. The net dollar retention rate was 104%, compared with 106% in both the first quarter of 2026 and the second quarter of 2025. Chief Executive Officer and President Dennis Woodside said Freshworks “just delivered its seventh straight quarter beating revenue estimates, its eighth consecutive quarter hitting Rule of 40.”

For the third quarter of 2026, Freshworks estimates revenue of $244.5 million to $245.5 million, representing approximately 14% year-over-year growth, with non-GAAP income from operations of $59.0 million to $61.0 million and non-GAAP net income per share of $0.18. For the full year 2026, the company estimates revenue of $963.5 million to $966.5 million, representing approximately 15% growth, non-GAAP income from operations of $222.0 million to $228.0 million, and non-GAAP net income per share of $0.66 to $0.68.

In the same release, the company said it announced AI Agent Studio and MCP Gateway for Freshservice during the quarter, appointed Ryan Manning as chief product and technology officer, and added customers including Van Marcke, Hydrite Chemical, Simpar, Upland Software (UPLD ), Paddle, and Open Health Communications.