Merck KGaA Acquires Bio-Techne for $21 Billion
Shareholders of Bio-Techne (NASDAQ: TECH) have approved the company's acquisition by Merck KGaA. The deal is valued at approximately $21 billion, a significant increase from the initial offer made in August 2022. This move marks another major development in the biotech industry, where consolidation and partnerships are becoming increasingly common.
Merck KGaA has agreed to pay $347 per share for all outstanding shares of Bio-Techne, representing a premium of around 24% over the company's closing price on August 15, 2022. The transaction is subject to regulatory approvals and is expected to be completed in the first half of 2024.
No further details were provided regarding any potential job cuts or restructuring plans following the acquisition. Bio-Techne has been a leading provider of bioreagents and instruments for life sciences research, while Merck KGaA operates across various sectors, including healthcare, life science, and electronics.