MN Public Co. To Operate Under “Bio-Techne” Brand
Techne Corporation announced Monday that it is changing its name to “Bio-Techne” as part of a “new strategic direction.”
The Minneapolis-based biotech company said that, in conjunction with its identity change, it’s also introducing a new investor website called “Bio-Techne.com.”
Techne is a holding company for two major businesses: Minneapolis-based Research and Diagnostic Systems, Inc., and Abingdon, England-based R&D Systems Europe, Ltd.—both of which develop and manufacture biotech products and clinical calibrators and controls.
The company said its new “Bio-Techne” trade name will unify some of its subsidiaries under a common name. For example, four of the subsidiaries of Techne’s two R&D companies are called BiosPacific, Boston Biochem, Bionostics, and Tocris Biosciences.
“The Bio-Techne name will represent what we all have in common: commitment to the science and technology underpinning our products, controlling our quality to ensure a high degree of reliability, and sharing our expertise to further the goals of our customers,” President and CEO Chuck Kummeth said in a statement.
Techne said the company’s major brand names will be maintained but that its brand realignment will create new divisions that will focus more directly on life science research and the clinical controls markets.
“We are excited about our new trade name,” Kummeth said in a statement. “The name solidifies the new strategic direction for the company along with unifying and positioning all of our brands under one complete portfolio.”
According to a company spokesperson, Techne will still remain the company’s official name on regulatory filings. Techne’s stock will continue to trade under the “TECH” symbol.
Meanwhile, on Thursday, Techne announced that it appointed James Hippel as its new chief financial officer (CFO), replacing Greg Melsen—who resigned last week after being passed over for the CEO role.
Melsen had served as Techne’s vice president of finance and CFO since December 2004 and became interim CEO in November after Techne’s longtime CEO Thomas Oland resigned prematurely in protest of the company’s choice to include external candidates in the search process for his successor.
Oland had recommended that the board choose Melsen as the company’s next CEO, but in March it instead hired outside candidate Kummeth, a former 3M Company executive. Melsen then announced in January that he would step down from the CFO role.