Merck KGaA (OTC: MKKGY) (OTC: MKGAF) announced Thursday it will buy Bio-Techne Corporation (NASDAQ: TECH) in an all-cash deal worth roughly $11.3 billion. The German science and technology company is paying $73 per share, a 36% premium over Bio-Techne's one-month volume-weighted average price.
The boards of both companies have signed off, and the deal is expected to close in late 2026 or early 2027, subject to shareholder and regulatory nods.
This acquisition is a clear bet on the life sciences space, where Merck wants to deepen its reach across research, diagnostics, and bioprocessing. The two companies' portfolios are complementary: Merck brings its own strengths, while Bio-Techne adds a broad lineup of recombinant proteins, cytokines, growth factors, antibodies, and immunoassay kits. It also owns ProteinSimple, which makes automated protein detection and analysis instruments.
Then there's the spatial biology angle. Bio-Techne's RNAscope and related in situ hybridization technologies are expected to bolster Merck's capabilities in diagnostics and spatial biology — a hot area that lets researchers see where specific genes are active within tissues.
Cell and Gene Therapy Gets a Boost
The deal also strengthens Merck's hand in cell and gene therapy. Bio-Techne currently holds a 19.9% stake in Wilson Wolf Corporation, a manufacturer of cell culture devices including the G-Rex product line. Under an existing forward contract, Bio-Techne expects to acquire the remaining ownership after 2027.
Bio-Techne generated more than $1.2 billion in net sales in fiscal 2025. The company employs over 3,000 people and operates 34 locations and 15 manufacturing facilities across the U.S., Canada, the U.K., Switzerland, and China.
Synergies and Financials
Merck says the deal will broaden its Process Solutions business by adding higher-value reagents, analytics, and advanced research tools, while strengthening its discovery, development, and manufacturing capabilities.
The acquisition will be funded through a mix of existing cash and new debt. Merck had about €2.74 billion ($3.11 billion) in cash and equivalents as of its latest quarterly report. The company expects to maintain an investment-grade credit rating.
Merck anticipates the transaction will be immediately accretive to EBITDA pre margin for both its Life Science business and the broader group after closing. Earnings per share should become accretive by the third year post-completion, with annual cost synergies of about €140 million ($159.03 million) expected to be fully realized by then.
Bio-Techne shares jumped 19.39% in premarket trading Thursday to $70.29, according to market data.
