According to a company press release, Techne Corporation has agreed to acquire a 100% ownership stake of Bionostics Holdings Limited and its operating subsidiary Bionostics, Inc. for $104 million in cash.
The press release identifies Bionostics as “a global leader in the development, manufacture and distribution of control solutions that verify the proper operation of in vitro diagnostic (IVD) devices primarily utilized in point of care blood glucose and blood gas testing.” Techne, through its subsidiaries R&D Systems and R&D Systems Europe, describes itself as involved in “the development, manufacture, and sale of biotechnology products and hematology calibrators and controls.”
According to the press release, the acquisition is expected to close in the first quarter of fiscal year 2014. After the close of the transaction, the Bionostics and Techne’s Hematology Division “will collectively operate under a new Clinical Controls Division of R&D Systems.”
The press release states:
Controls for blood glucose and blood gas devices are the largest portion of Bionostics’ business. Bionostics recently launched coagulation device control products and is developing new controls for other growing diagnostic uses, particularly controls for cholesterol and HbA1c point-of-care testing (POCT) devices. Bionostics is positioned to take advantage of continuing growth driven by the increasing prevalence of diabetes and other diseases, the migration of diagnostic testing from the laboratory to the operating room, bedside, clinic, and home points of care, the implementation of controls regulations in global markets and new controls being required for emerging diagnostic and (POCT) products.