Merck KGaA Acquires Bio-Techne for $11.3 Billion

Merck KGaA entered a merger agreement on June 25, 2026, to acquire Bio-Techne Corporation (TECH) in a deal valued at $11.3 billion.

Deal Structure:

Bio-Techne shareholders will receive $73 per share in cash, representing a premium of 23.98% over the stock’s last close.

Company Profile:

Bio-Techne is a U.S.-based life sciences company that develops and manufactures reagents, analytical instruments, and diagnostic products for research, bioprocessing, and clinical applications. The company serves academic institutions, biopharmaceutical and biotechnology companies, and clinical laboratories through its protein sciences, diagnostics, and spatial biology businesses.

Merck KGaA is a Germany-based science and technology company that operates in life science, healthcare, and electronics. The company provides products and services for drug discovery and manufacturing, develops pharmaceutical treatments, and supplies materials and technologies used in semiconductor and electronics applications.

Deal Details and Timeline:

Last week, Bloomberg reported that activist investor Ananym Capital Management had built a stake in Bio-Techne and was pushing the board to conduct a strategic review that would include a potential sale. The stock was trading at $54 when Ananym highlighted that the company had underperformed its peers in life-science tools and the broader market.

Bio-Techne would bring to Merck KGaA a portfolio of cytokines, growth factors, antibodies, and immunoassay kits.

The deal would also add ProteinSimple, a provider of automated protein detection and analysis instruments, to Merck KGaA’s analytical and bioprocess solutions capabilities. Additionally, Bio-Techne’s RNAscope and related in situ hybridization technologies would enhance the company’s capabilities in spatial biology and diagnostics.

The deal is scheduled to close by late 2026 or early 2027.

The deal will be financed using existing cash reserves and new debt.

Goldman Sachs served as the financial advisor, and Sidley Austin acted as legal counsel to Bio-Techne. In addition, Guggenheim Securities and J.P. Morgan served as financial advisors to Merck, while Sullivan & Cromwell provided legal counsel.

Merck KGaA is paying 30.28 times EBITDA for Bio-Techne.

Deal Metrics:

For an in-depth exploration of this M&A transaction, please visit the Deal Metrics page linked below:

Deal Metrics for the acquisition of Bio-Techne Corporation (TECH) by Merck KGaA

The Merger or Acquisition Deal Metrics page includes:

• A graphic representation of the merger’s spread history from its announcement to completion or failure.
• Key events as the merger progresses, including the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings related to the deal.
• An archive of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article