Merck KGaA agreed to buy Bio-Techne Corp. for $11.3 billion in cash
The German science and technology company will pay $73 per share for the Minneapolis-based provider of life science tools, analytical technologies and consumables.
The price gives Bio-Techne an enterprise value of about $11.3 billion and represents a 24% premium to its closing price on Wednesday and a 36% premium to its one-month volume-weighted average trading price.
Shares of Bio-Techne rose about 22% in premarket trading on Thursday after the announcement.
The deal is currently Merck KGaA's largest life sciences acquisition since its $17 billion purchase of Sigma-Aldrich in 2014.
It expands Merck's presence in research reagents, proteins, antibodies, analytical instruments and tools used by scientists and drug developers.
Bio-Techne supplies products across proteomics, spatial biology, cell and gene therapy workflows and precision diagnostics.
The company generated more than $1.2 billion in net sales in its fiscal year 2025 and employs more than 3,000 people.
"This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda. Bio-Techne is an outstanding fit that directly supports our strategic direction focused on delivering cutting-edge products and solutions across the entire industry value chain – from lab customers to those manufacturing in the biotech and pharmaceutical industries," said Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck KGaA, Darmstadt, Germany.
"By combining Bio-Techne's scientific depth, innovation engine and differentiated portfolio with the global scale, manufacturing excellence and customer reach of Merck KGaA, Darmstadt, Germany, we are in a strong position to address some of the most important opportunities in life sciences and support our customers in accelerating the next generation of scientific discovery and therapeutic innovation," Beckmann added.
"Building on our strong track record in the Life Science Business, this transaction strengthens our presence in some of the most exciting and fastest-growing areas of the life sciences, including multi-omics, spatial biology, precision diagnostics and cell and gene therapy," said Jean-Charles Wirth, Member of the Executive Board of Merck KGaA, Darmstadt, Germany, and CEO Life Science.
Bio-Techne executives and directors welcomed the deal.
"For 50 years, Bio-Techne has enabled scientific breakthroughs across proteomics, spatial biology, and novel therapeutics," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "This transaction is a testament to the remarkable company our team has built and to the enduring value we create for our customers and stakeholders. As part of Merck KGaA, Darmstadt, Germany, we will have greater scale and expanded capabilities to accelerate innovation and deepen our impact."
"Following a thorough review, Bio-Techne's Board of Directors determined that this transaction represents an excellent opportunity for Bio-Techne and delivers substantial, near-term cash value to shareholders," said Robert V. Baumgartner, Chairman of the Board of Directors of Bio-Techne.
Merck plans to fund the purchase with existing cash and new debt while keeping a strong investment-grade credit rating.
The company expects annual cost synergies of about 140 million euros, fully realized by the third year after closing.
The deal is expected to be immediately accretive to sales growth and EBITDA pre margin, and EPS pre accretive by year three.
The transaction requires regulatory approvals and approval by Bio-Techne shareholders.
It is expected to close by late 2026 or early 2027.
Bio-Techne would add strengths in automated protein analysis through its ProteinSimple instruments and in situ hybridization technologies like RNAscope for spatial biology.
It also holds a stake in Wilson Wolf, which makes G-Rex bioreactors for cell therapy scaling, with plans to acquire the rest later.
The acquisition fits into a broader wave of deals in healthcare and life sciences.
Earlier this year, Danaher bought patient-monitoring company Masimo for $9.9 billion.
Merck KGaA operates across life science, healthcare and electronics and employs more than 62,000 people.
The company generated sales of 21.1 billion euros in 2025.
Bio-Techne operates from 34 locations with 15 manufacturing sites.
Both companies said the combination would create opportunities for employees through greater global reach, collaboration and innovation programs.
Merck has invested more than $35 billion in U.S. acquisitions over the past two decades and employs more than 14,000 people in the United States.
The deal comes as Kai Beckmann, who became CEO earlier in 2026, moves to strengthen Merck's life sciences business.
