Niki Arrowsmith06.19.13
Minneapolis, Minn.-based Techne Corp. is acquiring Bionostics Holdings Ltd. and its operating subsidiary Bionostics, Inc. Bionostics, headquartered in Devens, Mass., provides control solutions that verify the proper operation of in-vitro diagnostic (IVD) devices primarily used in point of care blood glucose and blood gas testing. According to Techne, Bionostics has strategic supply relationships with virtually all global IVD device OEMs. The transaction is valued at $104 million, and is expected to close in the first quarter of fiscal 2014, subject to various closing conditions.
Techne is a holding company that has two wholly-owned operating subsidiaries: Research and Diagnostic Systems Inc. (R&D Systems), located in Minneapolis; and R&D Systems Europe Ltd. (RDSE), located in Abingdon, England, United Kingdom. Through its subsidiaries, Techne is engaged in the development, manufacture and sale of biotechnology products and hematology calibrators and controls. Bionostics and Techne’s Hematology division collectively will operate under a new clinical controls division of R&D Systems once the merger is finalized.
“We are delighted to add the Bionostics team to our Hematology division,” said Charles R. Kummeth, president and CEO of Techne. “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 mass we need to offer our customers continued value and options to serve their needs.”
“Strategically, the fit is excellent, as both Bionostics and R&D Systems have many customers in common and yet our product offerings are entirely complementary,” said Bionostics CEO Michael H. Thomas. “Consequently, the combined business will represent far more of a one-stop-shop for our customers and position us to compete in the global market. In addition, there are many similarities of culture between the two companies.”
Thomas will continue to serve Bionostics in a consulting capacity for a transition period following the closing. The Bionostics management team will coordinate with R&D Systems and its related European and Chinese entities to distribute products on the worldwide market.
Techne is a holding company that has two wholly-owned operating subsidiaries: Research and Diagnostic Systems Inc. (R&D Systems), located in Minneapolis; and R&D Systems Europe Ltd. (RDSE), located in Abingdon, England, United Kingdom. Through its subsidiaries, Techne is engaged in the development, manufacture and sale of biotechnology products and hematology calibrators and controls. Bionostics and Techne’s Hematology division collectively will operate under a new clinical controls division of R&D Systems once the merger is finalized.
“We are delighted to add the Bionostics team to our Hematology division,” said Charles R. Kummeth, president and CEO of Techne. “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 mass we need to offer our customers continued value and options to serve their needs.”
“Strategically, the fit is excellent, as both Bionostics and R&D Systems have many customers in common and yet our product offerings are entirely complementary,” said Bionostics CEO Michael H. Thomas. “Consequently, the combined business will represent far more of a one-stop-shop for our customers and position us to compete in the global market. In addition, there are many similarities of culture between the two companies.”
Thomas will continue to serve Bionostics in a consulting capacity for a transition period following the closing. The Bionostics management team will coordinate with R&D Systems and its related European and Chinese entities to distribute products on the worldwide market.