Bio-Techne to Acquire Protein Simple
The timing of the acquisition is surprising because ProteinSimple recently filed for an IPO (see IBO 5/15/13). This is Bio-Techne’s first major instrument company acquisition and follows a Chinese acquisition in April and the announcement of a potential purchase (see IBO 4/15/14). Proteins, immunoassay kits, monoclonal and polyclonal antibodies, and small molecules and other products represent 34%, 17%, 26% and 13% of Bio-Techne revenues, according fund the acquisition with cash on hand and a new revolving line of credit facility.to a June presentation by the company. Bio-Techne expects to
Minneapolis, MN 6/17/14—Techne (doing business as Bio-Techne), a provider of bioactive tools and resources for research and clinical diagnostics, has agreed to acquire ProteinSimple for $300 million in cash. ProteinSimple develops and commercializes systems and consumables for protein analysis, including products for automated Western blotting. For the 12 months ending May 31, ProteinSimple revenues grew 30% to $57.1 million and EBITDA totaled $7.9 million. “This collaboration offers numerous possibilities for creating full protein-analysis solutions, with an emphasis on purity and identification, which will be extremely useful for our customers,” stated Bio-Techne President and CEO Charles R. Kummeth. “Bio-Techne sells many antibody reagents, which are also validated for Western blot use. These reagents tie well into the consumables needs of ProteinSimple customers.” Following the acquisition, ProteinSimple will continue under the leadership of Tim Harkness, who currently serves as CEO, and the leadership team will remain intact. The transaction is expected to close around July 31.
