Merck KGaA, Darmstadt, Germany, and Bio-Techne announced they entered into a definitive agreement under which Merck KGaA will acquire Bio-Techne for $73 per share in cash.
The transaction represents a total enterprise value of approximately $11.3 billion, or €9.9 billion. The purchase price represents a 36% premium to Bio-Techne’s one-month volume-weighted average trading price.
Bio-Techne is a Minneapolis-based global provider of life science tools, analytical technologies, and consumables. The planned acquisition is expected to strengthen Merck KGaA’s position in fast-growing life sciences markets by adding Bio-Techne’s multi-omics offering, analytical technologies, and integrated workflow solutions.
The companies said the combination would support customers across the full life science workflow, from discovery and translational research to development, testing, and commercial manufacturing. The deal would also expand Merck KGaA’s presence in high-growth areas such as multi-omics, spatial biology, precision diagnostics, cell and gene therapy, and advanced research tools.
Bio-Techne brings a portfolio that includes cytokines, growth factors, antibodies, immunoassay kits, and technologies across proteomics, spatial biology, and novel therapeutics. The acquisition would also add ProteinSimple, an automated protein detection and analysis instruments platform, as well as Bio-Techne’s RNAscope and related in situ hybridization technologies.
Merck KGaA said Bio-Techne’s capabilities would strengthen its Discovery Solutions, Advanced Solutions, and Process Solutions offerings. The company also expects the transaction to broaden its customer reach and enhance its innovation pipeline.
Bio-Techne is headquartered in Minneapolis and has more than 3,000 employees, including about 2,300 employees in the U.S. The company operates 34 global locations and 15 manufacturing facilities across the U.S., Canada, the U.K., Switzerland, and China. Bio-Techne generated more than $1.2 billion in net sales in fiscal year 2025.
The proposed transaction has been approved by Bio-Techne’s Board of Directors and the relevant corporate bodies of Merck KGaA. It is expected to close by late 2026 or early 2027, subject to customary closing conditions, including required regulatory approvals and approval by Bio-Techne shareholders.
Merck KGaA plans to fund the acquisition through a combination of existing cash on hand and proceeds from new debt. The company said it expects to preserve a strong investment-grade credit rating.
The proposed acquisition is expected to be immediately accretive to sales growth and EBITDA pre margin after closing. It is also expected to be EPS pre accretive by year three after closing. Merck KGaA expects annual cost synergies of approximately €140 million, which are anticipated to be fully realized by year three after closing.
Guggenheim Securities and J.P. Morgan are serving as financial advisors to Merck KGaA, while Sullivan & Cromwell is serving as legal counsel. Goldman Sachs is serving as exclusive financial advisor to Bio-Techne, and Sidley Austin is serving as Bio-Techne’s legal counsel.
KEY QUOTES:
“This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda. Bio-Techne is an outstanding fit that directly supports our strategic direction focused on delivering cutting-edge products and solutions across the entire industry value chain – from lab customers to those manufacturing in the biotech and pharmaceutical industries.”
“By combining Bio-Techne’s scientific depth, innovation engine and differentiated portfolio with the global scale, manufacturing excellence and customer reach of Merck KGaA, Darmstadt, Germany, we are in a strong position to address some of the most important opportunities in life sciences and support our customers in accelerating the next generation of scientific discovery and therapeutic innovation. This positions us to deliver compelling strategic and financial benefits for shareholders, customers and employees.”
Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck KGaA, Darmstadt, Germany
“Building on our strong track record in the Life Science Business, this transaction strengthens our presence in some of the most exciting and fastest-growing areas of the life sciences, including multi-omics, spatial biology, precision diagnostics and cell and gene therapy. It adds capabilities across our Discovery Solutions, Advanced Solutions and Process Solutions offerings, to support customers across increasingly complex scientific workflows.”
Jean-Charles Wirth, Member of the Executive Board of Merck KGaA, Darmstadt, Germany, and CEO Life Science
“For 50 years, Bio-Techne has enabled scientific breakthroughs across proteomics, spatial biology, and novel therapeutics. This transaction is a testament to the remarkable company our team has built and to the enduring value we create for our customers and stakeholders. As part of Merck KGaA, Darmstadt, Germany, we will have greater scale and expanded capabilities to accelerate innovation and deepen our impact. Together, we will empower our customers to tackle the most important challenges in science and healthcare, helping to improve outcomes worldwide.”
Kim Kelderman, President and CEO of Bio-Techne
“Following a thorough review, Bio-Techne’s Board of Directors determined that this transaction represents an excellent opportunity for Bio-Techne and delivers substantial, near-term cash value to shareholders. We are confident that, as part of Merck KGaA, Darmstadt, Germany, Bio-Techne will be well positioned to leverage its strong foundation and expand its impact across life sciences.”
Robert V. Baumgartner, Chairman of the Board of Directors of Bio-Techne
