According to Daily Finance’s Investor Center and a press release from Techne Corporation, medical device manufacturer Techne Corporation is set to acquire a 100% ownership stake in Devens, Massachusetts-based Bionostics Holdings Limited and its operating subsidiary Bionostics, Inc. for $104M in cash. Closing of the transaction is anticipated to occur in the first quarter of fiscal 2014.
According to Techne’s website, Techne develops, manufactures, and sells biotechnology products and hematology calibrators and controls. According to Bionostics’ website, Bionostics develops, manufactures, and distributes control solutions that verify the proper operation of in vitro diagnostic devices, applied primarily to point of care blood glucose and blood gas testing. According to the press release, after the close of the transaction, Bionostics and Techne’s Hematology Division will collectively operate under a new Clinical Controls Division of Techne’s R&D Systems.
Regarding the acquisition, Techne President and CEO Charles Kummeth said:
“We are delighted to add the Bionostics team to our Hematology division. This business is how Techne R&D Systems was founded some 30 years ago and remains thriving today. The addition of Bionostics adds capabilities in exciting new areas like coagulation and expands our controls portfolio, giving us the critical mass we need to remain competitive and offer our customers continued value and options to serve their needs.”