Bio-Techne to Acquire CyVek
Bio-Techne acquired a 20% stake in April, agreeing to buy the remainder if milestones were met. It paid $62 million for the purchase, according to a quarterly SEC filing, and will pay up to $35 million based on other milestones. CyVek joins ProteinSimple to form Bio-Techne’s Protein Platforms segment, which is expected to account for 14% of sales in fiscal 2015, according to a November investor presentation.
Minneapolis, MN 11/4/14—Life science tools firm Bio-Techne has agreed to acquire CyVek for $60 million in cash, in addition to a potential earn-out payment of up to $35 million and an additional potential earn-out of up to $100 million. The acquisition’s closing follows CyVek’s fulfillment of certain milestones (see IBO 4/15/14). Based in Connecticut with 40 employees, CyVek offers the CyPlex immunoassay technology. “The ability to include the highly valued Bio-Techne reagent content on the CyVek testing platform is viewed as an ideal way to leverage the maximum value from our extensive reagents portfolio,” stated Bio-Techne President and CEO Charles R. Kummeth.
