Merck KGaA, Darmstadt, Germany, a leading science and technology company, and Bio-Techne Corporation, a Minneapolis-based global provider of life science tools, analytical technologies, and consumables, today signed a definitive agreement pursuant to which Merck KGaA, Darmstadt, Germany, Subject to customary closing conditions, KGaA will acquire Bio-Techne for $73 per share in cash, representing a total enterprise value of approximately $11.3 billion. (9.9 billion euros), plus a 36% premium to Biotechne’s monthly volume-weighted average trading price.
The transaction brings together two highly complementary and forward-thinking life sciences organizations that are uniquely positioned to support customers across the full spectrum of life sciences workflows, from discovery and translational research to development, testing and commercial manufacturing. Furthermore, it will directly realize the medium- to long-term strategic agenda of Merck KGaA in Darmstadt, Germany. This agenda focuses on high-growth value drivers, integrated workflows, platformed capabilities, and scaling and sourcing innovations through M&A.
“This transaction is an important milestone towards the realization of our medium- to long-term strategic agenda. Biotechne is a highly suitable company that directly supports our strategic direction, which is focused on providing cutting-edge products and solutions across the entire industry value chain, from laboratory customers to manufacturers in the biotechnology and pharmaceutical industries.” Kai Beckmann, Chairman of the Board and Group CEO of Merck KGaA, Darmstadt, Germany, said:
By combining Bio-Techne’s scientific depth, innovation engine and differentiated portfolio with Merck KGaA’s global scale, manufacturing excellence and customer reach in 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. This will enable us to offer attractive strategic and financial benefits to our shareholders, customers and employees. ”
Kai Beckmann (Chairman of the Board and Group CEO of Merck KGaA, Darmstadt, Germany)
“Building on our strong track record in the life sciences business, this transaction strengthens our presence in some of the most exciting and fastest growing areas of life sciences, including multi-omics, spatial biology, precision diagnostics, and cell and gene therapy.” Jean-Charles Wils, Member of the Board of Management and Life Sciences CEO of Merck KGaA, Darmstadt, Germany, said: “This adds functionality across our Discovery Solutions, Advanced Solutions, and Process Solutions offerings to support our customers across increasingly complex scientific workflows.”
“For 50 years, Biotechne has enabled scientific advances across proteomics, spatial biology, and new therapeutics.” Kim Kelderman, President and CEO of Biotechne, said: “This transaction is a testament to the great company our team has built and the lasting value we create for our customers and stakeholders. As part of Merck KGaA in Darmstadt, Germany, we will expand our scale and capabilities to accelerate innovation and deepen our impact. Together, we will enable our customers to tackle the most important challenges in science and medicine and help improve outcomes around the world.”
“After thorough consideration, Biotechne’s board of directors has determined that this transaction represents an excellent opportunity for Biotechne and will generate significant near-term cash value for our stockholders.” Robert V. Baumgartner, Chairman of the Bio-Techne Board of Directors, said: “We believe that as part of Merck KGaA in Darmstadt, Germany, Biotechne is well-positioned to leverage its strong foundation and expand its impact across the life sciences.”
Adding differentiated technology across the life sciences value chain
Bio-Techne is a recombinant protein leader with a 50-year tradition in next-generation research and development and new modalities. Bio-Techne will bring a globally recognized portfolio of cytokines, growth factors, antibodies and immunoassay kits to Merck KGaA in Darmstadt, Germany.
The planned acquisition will also add ProteinSimple, a leader in automated protein detection and analysis instrumentation, strengthening Merck KGaA’s analytical and bioprocessing solutions in Darmstadt, Germany. Additionally, Bio-Techne’s RNAscope and related in situ hybridization technologies will enhance Merck KGaA’s capabilities in Darmstadt, Germany, in spatial biology and diagnostics.
Merck KGaA of Darmstadt, Germany, will also benefit from Bio-Techne’s position as a leading provider of materials, analytical and process technologies to cell therapy developers. In fiscal year 2023, Biotechne acquired 19.9% of Wilson Wolf Corporation, a leading manufacturer of cell culture equipment, including the G-Rex product line, and Biotechne intends to acquire the remaining ownership interest in Wilson Wolf immediately after the end of the 2027 calendar year under the terms of a two-part forward agreement between Wilson Wolf and Biotechne.
Bio-Techne is headquartered in Minneapolis, Minnesota, and has more than 3,000 employees with approximately 2,300 employees located in the United States. The company operates 34 global locations and 15 manufacturing facilities in the United States, Canada, the United Kingdom, Switzerland and China, generating net sales of more than $1.2 billion in fiscal 2025.
Strengthens Merck KGaA’s cutting-edge life sciences capabilities and global reach in Darmstadt, Germany
The planned acquisition will strengthen Merck KGaA (Darmstadt, Germany)’s position in high-growth and accelerating fields including multi-omics, spatial biology, cell and gene therapy, precision diagnostics, and advanced research tools, and will provide Biotechne with access to new channels and customer touchpoints, as well as access to Merck KGaA (Darmstadt, Germany)’s global scale, manufacturing expertise and established life sciences infrastructure.
It will also strengthen and expand Merck KGaA’s Process Solutions business unit in Darmstadt, Germany, by expanding its reach into high-value reagents, analytical, cell and gene therapy workflows, and strengthen its discovery, development and manufacturing capabilities.
Merck KGaA, Darmstadt, Germany, and Bio-Techne will join forces to enhance the scientific depth and technological capabilities needed to support increasingly complex customer needs across next-generation biology workflows.
organizational opportunities
Merck KGaA in Darmstadt, Germany, is a leading employer with a strong global presence and track record. Over the past 20 years, the company has invested over USD 35 billion (EUR 30 billion) through inorganic growth. This includes the US with acquisitions such as Millipore in 2010, Sigma-Aldrich in 2015, Versum in 2019, and most recently SpringWorks Therapeutics in 2025. Today, Merck KGaA in Darmstadt, Germany, has 14,000 employees at more than 70 corporate and customer sites in the United States.
The planned integration will bring together teams in North America, Europe, Asia Pacific and other key markets to create a more connected global organization with enhanced collaboration, agility and opportunities for professional growth. Merck KGaA, Darmstadt, Germany, plans to continue investing in the capabilities, development and long-term success of its employees around the world, leveraging the unique strengths and expertise of both organizations.
As part of a larger global life sciences organization, Biotechne employees have the opportunity to contribute to broader innovation, customer and growth priorities while benefiting from greater access to international networks, advanced training and participation in large-scale innovation programs. Together, these opportunities are expected to enhance our ability to attract, retain and develop talent around the world, supporting our continued scientific leadership and sustainable growth.
Funding and transaction details
Under the terms of the merger agreement, Bio-Techne shareholders will receive US$73 in cash per share, representing a total enterprise value of approximately US$11.3 billion (€9.9 billion). The proposed transaction has been approved by the Board of Directors of Biotechne and an affiliate of Merck KGaA in Darmstadt, Germany, and is expected to close by the end of 2026 or early 2027, subject to customary closing conditions, including necessary regulatory approvals and approval by Biotechne’s stockholders.
The planned acquisition will be funded by a combination of existing cash reserves and proceeds from new debt. Merck KGaA of Darmstadt, Germany maintains a strong investment grade credit rating.
Economic benefits and disciplined execution
The proposed transaction is expected to be immediately accretive to both Life Sciences and the Group’s EBITDA pre-margin after closing and accretive to EPS pre-margin by the third year post-closing. Cost synergies of approximately EUR 140 million are expected to be fully realized by the third year after the transaction closes.
Merck KGaA, located in Darmstadt, Germany, has a strong track record of successfully integrating large-scale transactions and acquisitions, including enhancements, while delivering strategic, operational and financial value creation. Building on this experience, the company is committed to implementing a thoughtful integration process focused on business continuity, key talent retention, scientific capabilities, and customer relationships. Value creation is expected to come from stronger growth, broader capabilities, improved customer reach and disciplined integration.
advisor
Guggenheim Securities and J.P. Morgan are serving as financial advisors to Merck KGaA, Darmstadt, Germany, and Sullivan & Cromwell LLP is serving as legal advisor to Merck KGaA, Darmstadt, Germany. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Bio-Techne, and Sidley Austin LLP is acting as legal advisor to Bio-Techne.
Media and Investor Call
Merck KGaA, Darmstadt, Germany, will hold a media conference call today at 12:00 pm (CEST) and a conference call with the financial industry today at 2:00 pm (CEST).
