Here’s Why Sands Capital Global Growth Fund Decided to Sell Repligen Corporation (RGEN)

In its third-quarter 2025 capitalist letter, Sands Capital Global Growth Fund highlighted stocks specified arsenic Repligen Corporation (NASDAQ:RGEN). Repligen Corporation (NASDAQ:RGEN) is simply a beingness subject institution that develops and distributes bioprocessing technologies and systems. The one-month instrumentality of Repligen Corporation (NASDAQ:RGEN) was 1.94%, and its shares gained 7.30% of their worth implicit the past 52 weeks. On December 16, 2025, Repligen Corporation (NASDAQ:RGEN) banal closed astatine $158.09 per share, with a marketplace capitalization of $8.899 billion.

Sands Capital Global Growth Fund stated the pursuing regarding Repligen Corporation (NASDAQ:RGEN) successful its 3rd 4th 2025 capitalist letter:

"Repligen Corporation (NASDAQ:RGEN) is simply a starring supplier of bioprocessing tools for manufacturing biologic drugs. Our probe indicates that Repligen has built a beardown estimation successful the bioprocessing proviso concatenation by differentiating itself wrong a fragmented tract of constituent providers. However, the concern remains heavy tied to the wellness of its extremity markets, limiting its quality to “make its ain weather”—an important information for the Global Growth portfolio. Since our archetypal concern successful 2022, Repligen has faced prolonged end-market weakness, resulting successful a 20 percent gross diminution and a 65 percent contraction successful adjusted operating income done 2024. While 2025 has shown signs of betterment successful gross and bid momentum, ongoing header hazard has amplified downside volatility. Unlike peers whose margins person normalized, Repligen’s profitability remains good beneath pre-COVID levels and whitethorn instrumentality respective years to recover. We initially expected Repligen to connection a “classic growth” profile—with little banal and concern volatility that could supply ballast to the portfolio. That result has not materialized. Given this dynamic, on with the stock’s still-elevated valuation and tiny portfolio value (under 1 percent), we utilized the market’s affirmative absorption to Repligen’s second-quarter 2025 net arsenic an accidental to reallocate the capital."