MN Biotech Firm Continues Buying Spree
Minneapolis-based Techne Corporation, now doing business as Bio-Techne, announced a deal to acquire 100 percent of a Chinese company, Shanghai PrimeGene Bio-Tech Co.
Shanghai, China-based PrimeGene was founded in 2006. PrimeGene had sales of approximately $4 million during 2013. Given the size of the Chinese company, “the acquisition will not have a material effect on Bio-Techne’s fourth quarter 2014 or fiscal 2015 sales,” according to Bio-Techne.
The deal is expected to close before June 30, the end of Bio-Techne ‘s 2014 fiscal year.
Bio-Techne is paying cash to acquire PrimeGene, but did not disclose the price of the deal.
Bio-Techne and its subsidiaries develop, produce, and manufacture products for the biotechnology and clinical diagnostics market. The company is one of the world’s leading suppliers of proteins used in biotechnology research. PrimeGene is a leader in the development, manufacture, and distribution of proteins for research in the Chinese market.
“We are delighted to add the PrimeGene team to the Bio-Techne family,” Bio-Techne President and CEO Charles Kummeth said in a statement. “The PrimeGene business expands our regional manufacturing capabilities, creating more critical mass for our rapidly growing China business and complements our existing product portfolio by adding over 400 new protein products.”
The latest deal continues a recent trend of acquisitions and investments for Bio-Techne.
In July 2013, Techne Corporation completed the $104 million cash acquisition of Massachusetts-based Bionostics Holdings Limited.
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.
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.