Merck KGaA to Buy Bio-Techne in $11.3 Billion All-Cash Deal
The acquisition would unite two life-sciences leaders to support customers across discovery, development, and commercial manufacturing workflows.
**Merck KGaA, Darmstadt, Germany (TECH) agreed to acquire Bio-Techne Corporation in an all-cash transaction valued at $11.3 billion**, the companies announced on June 25. The German science and technology group will pay $73 a share, a 36% premium to Bio-Techne’s one-month volume-weighted average trading price.
The deal is expected to close in late 2026 or early 2027, subject to regulatory approvals and the approval of Bio-Techne shareholders. Merck KGaA said the transaction would be funded through a combination of existing cash and new debt, preserving its investment-grade credit rating.
**The acquisition is positioned to deliver on Merck KGaA’s strategic agenda by expanding its presence in high-growth life-sciences markets**, including multi-omics, spatial biology, and cell and gene therapy. The combined entity would support customers across the full spectrum of life-science workflows—from discovery and translational research to development, testing, and commercial manufacturing.
“This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda,” said Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck KGaA. “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.”
**Bio-Techne, a Minneapolis-based provider of life-science tools and analytical technologies, generated over $1.2 billion in net sales in fiscal 2025**. The company’s portfolio includes recombinant proteins, immunoassay kits, and automated protein-detection instruments under the ProteinSimple brand. Its RNAscope and in situ hybridization technologies would strengthen Merck KGaA’s capabilities in spatial biology and diagnostics, while its position in cell-therapy materials and analytics would bolster Merck KGaA’s Process Solutions business unit.
The acquisition would also bring Bio-Techne’s 3,000 employees and 15 manufacturing facilities into Merck KGaA’s global Life Science organization, which already employs more than 14,000 people in the U.S. alone. Merck KGaA expects annual cost synergies of approximately €140 million by the third year after closing, with the transaction expected to be immediately accretive to EBITDA pre margin and EPS pre accretive by year three.
**Merck KGaA has a history of large-scale life-sciences acquisitions**, including Millipore in 2010, Sigma-Aldrich in 2015, Versum in 2019, and SpringWorks Therapeutics in 2025. The Bio-Techne deal would further cement its position as a leader in integrated workflow solutions, mirroring the strategic rationale behind its prior transactions.
The transaction is subject to customary closing conditions, including regulatory clearances and shareholder approval. Guggenheim Securities and J.P. Morgan are acting as financial advisors to Merck KGaA, while Goldman Sachs is advising Bio-Techne.