Bio-Techne Completes ProteinSimple Acquisition
07 Aug 2014 --- Bio-Techne Corporation has finalized its previously announced acquisition of ProteinSimple for a total cash transaction of approximately $300 million in cash, subject to adjustments following closing based on the final level of working capital.
ProteinSimple develops and commercializes proprietary systems and consumables for protein analysis. These automation tools have revolutionized the analysis of proteins and provide a level of reliability, ease of use and performance that improves overall productivity and consistency in lab results. Key instruments in the ProteinSimple portfolio include Wes, Peggy Sue and Sally Sue. ProteinSimple is based in Santa Clara, California and has over 200 employees, with additional manufacturing operations in Canada and sales offices in Japan and China. Its large sales and technical support staff numbers in excess of 100.
Bio-Techne is a leading developer and manufacturer of purified proteins – notably cytokines and growth factors, antibodies, immunoassays and biologically active small molecule compounds which are sold to biomedical researchers and clinical research laboratories. ProteinSimple customers include top pharmaceutical and biotechnology companies. ProteinSimple instrument placements have the potential to drive additional antibody sales from both Bio-Techne and Novus Biologicals, Bio-Techne’s most recent acquisition. Bio-Techne’s CEO Charles R. Kummeth and ProteinSimple CEO Tim Harkness are both excited by the excellent fit of the two businesses and the future growth potential.
JPMorgan acted as exclusive financial advisor to ProteinSimple and Cooley LLP served as ProteinSimple’s legal counsel. Fredrikson & Byron, P.A. served as Bio-Techne’s legal counsel.
Techne Corporation (d/b/a Bio-Techne), NASDAQ: TECH, is a global life sciences company providing innovative bioactive tools and resources for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With over 24,000 products in its portfolio, Bio-Techne generated approximately $311 million in net sales in fiscal year 2013 and has over 1,000 employees worldwide.
