US-based Techne has agreed to buy Bionostics Holdings and its operating subsidiary Bionostics, for $104m in cash. The deal is likely to close in the first quarter of fiscal 2014
Bionostics manufactures control solutions that authenticate the proper working of in vitro diagnostic (IVD) devices, used in blood glucose and gas testing. Besides, it has strategic supply relationships with several international IVD device original equipment manufacturers (OEMs).
Techne manufactures biotechnology products and hematology calibrators and controls through its subsidiaries R&D Systems and R&D Systems Europe.
With the closure of the deal, the hematology divisions of the two companies will be merged under a new division of R&D Systems, called Clinical Controls.
Techne CEO and president Charles R Kummeth noted that the acquisition of Bionostics would add capabilities in new areas like coagulation and expands its controls portfolio, giving the company the critical mass it needs to remain competitive and offer its customers continued value and options to serve their needs.
Bionostics CEO Michael H Thomas noted that strategically, the fit is excellent, as both Bionostics and R&D Systems have many customers in common and yet their product offerings are entirely complementary.
"Consequently, the combined business will represent far more of a one-stop-shop for our customers and ideally position us to compete in the global market," Thomas added.