Merck KGaA to buy Bio-Techne for $11.3bn at 36% premium
TECH•Merck KGaA agreed to acquire Bio-Techne for $11.3bn, paying $73 per share, a 36% premium to the one-month VWAP and 25% above the June 24 closing price. Bio-Techne generated over $1.2bn in FY2025 net sales and operates 34 sites with 3,100 employees worldwide.
1. Deal Terms and Premiums
Merck KGaA will pay $73 per share in cash for all outstanding Bio-Techne shares, valuing the transaction at $11.3bn and representing a 36% premium to the one-month VWAP and 25% above the June 24 closing price.
2. Strategic Rationale for Merck
The acquisition broadens Merck's life sciences offerings across discovery, translational research, testing and manufacturing, integrating Bio-Techne's portfolio of cytokines, antibodies and immunoassay kits into Merck's global footprint.
3. Bio-Techne Business Overview
Bio-Techne operates 34 locations globally with roughly 3,100 employees and generated over $1.2bn in net sales in FY2025 through its life science reagents, analytical instruments and clinical diagnostics products.
4. Implications for Merck's M&A Strategy
As Merck's largest purchase since its $17bn Sigma-Aldrich acquisition, this deal under new CEO Kai Beckmann underscores a shift toward growth via acquisitions to bolster an otherwise slim pipeline and reduce reliance on marketed drugs.
