Bio-Techne Acquiring U of M startup B-MoGen BioTechnologies
With a recent deal struck to buy B-MoGen Biotechnologies Inc., Minneapolis-based biotechnology manufacturer Bio-Techne has made its 15th acquisition within five years. Bio-Techne will acquire all stock for B-MoGen Biotechnologies, a gene delivery and editing-focused startup.
The transaction will grow Bio-Techne’s product portfolio and presence in the cell and gene therapy market, says Bio-Techne CEO and president Charles R. Kummeth, in a statement.
“B-MoGen's technologies solve the most complex gene editing problems with proprietary, cutting edge gene editing and delivery tools, enabling and accelerating growth in immunotherapy treatments,” says Kummeth, a recent Entrepreneur of the Year finalist. “We are excited to continue to build our portfolio [with B-MoGen products].”
B-MoGen’s offer more personalized therapeutic agents that work more effectively and with less side effects than other market options, Kummeth says. The startup’s non-viral vector technology, in particular, removes several of the concerns or risks associated with the use of most viral vectors.
Being acquired by Bio-Techne will enable B-MoGen to commercialize its products more quickly and efficiently.
“We are delighted with this transaction and we are pleased to have found a local home for our products and technology,” says B-MoGen CEO and president Jeff Liter. “The broad array of products, along with additional marketing and commercial resources, will serve our customers more efficiently and allow our products to be available on a global scale.”
B-MoGen was founded four years ago by University of Minnesota researchers David Largaespada, Branden Moriarity and Beau Webber. The company currently has a small staff of about 20 employees.
The transaction marks the latest in a five-year flurry of deals for Bio-Techne—the latest of which includes a strategic collaboration enacted earlier this year with Shanghai-based biotech company Elpiscience to work on developing anti-cancer therapeutics, as well as a $575 million acquisition last year of Massachusetts-based diagnostic tech maker Exosome.
The deal for B-MoGen has already been completed and is being financed through cash on hand. Financial terms of the deal were not disclosed.