Bio-Techne Acquires Yet Another Bio-Tech Firm
Techne Corporation, the Minneapolis-based biotechnology company that now does business under the “Bio-Techne” brand, is continuing its buying spree with the $60 million acquisition of Novus Biologicals.
Novus Biologicals, based in Littleton, Colorado, is a supplier of antibodies and other reagents for life science research. The company said it has a collection of more than 250,000 products that are delivered through a digital commerce platform.
Bio-Techne, one of Minnesota’s 50 largest public companies, is a holding company for two major businesses: Minneapolis-based Research and Diagnostic Systems, Inc., and England-based R&D Systems Europe, Ltd.—both of which develop and manufacture biotech products and clinical calibrators and controls.
Part of Bio-Techne’s business is developing and manufacturing purified proteins that are sold to biomedical researchers and clinical research laboratories, and the company said Novus Biologicals’ products would add to its antibody business.
“We appreciate the fact that customers’ reagent needs change and Bio-Techne wants their first choice to be a Bio-Techne branded product when selecting a supplier of reagents for their experimentation,” Bio-Techne CEO Charles Kummeth said in a statement. “Therefore, an expansion of our antibody portfolio was a logical step in our long term strategic business plan. We are eager to adopt the digital commercial platforms that Novus Biologicals has perfected over the years to accelerate the growth of our overall business.”
Bio-Techne said the deal was consistent with its plan to expand its products offering and that it plans to leverage both Novus’ digital marketing capabilities and its management team, which the company said would remain in place. The transaction closed Wednesday.
“Both Novus Biologicals and Bio-Techne have a desire to improve life science research by providing customers with the widest array of technical solutions and tools,” Novus Biologicals CEO Karen Padgett said in a statement. “The combined business will represent a unique one-stop-shop for our world-wide customers.”
The latest deal continues a recent trend of acquisitions and investments for Bio-Techne.
Earlier this summer, Bio-Techne bought a California protein analysis company for $300 million.
On April 4, the company announced a $10 million investment in Connecticut-based CyVek Inc., with plans to eventually acquire the entire company if certain milestones are met.
In July 2013, it completed the $104 million cash acquisition of Massachusetts-based Bionostics Holdings Limited.
For its fiscal 2013, Techne Corporation reported sales of $310.6 million and net earnings of $112.6 million. The company announced the new Bio-Techne trade name in February.