Bio-Techne To Acquire Novus Biologicals For $60M
Global life sciences company Techne Corporation (d/b/a Bio-Techne) announced that it has acquired life science research antibody supplier Novus Biologicals for $60 million in cash.
Novus Biologicals boasts a portfolio collection of more than 250,000 products comprised of both outsourced and in-house developed antibodies and other reagents. Bio-Techne, which develops and manufactures purified proteins, said Novus’ portfolio fits well with its plans to expand its own product portfolio. Some of the Bio-Techne’s products include antibodies, cytokines, immunoassays, and biologically active small molecule compounds, currently in demand by clinical research labs and biomedical researchers. The company also said it has plans to potentially include new assays and kits from Novus to its own line of instruments.
Charles R. Kummeth, President and CEO of Bio-Techne, said the acquisition is in step with the company’s goal to expand its product line of reagents, protein, and immunoassays. “Therefore, an expansion of our antibody portfolio was a logical step in our long term strategic business plan. We are eager to adopt the digital commercial platforms that Novus Biologicals has perfected over the years to accelerate the growth of our overall business.”
Novus Biologicals CEO Karen Padgett said that the transaction strategically brings together the two companies’ strengths in life science research. The new combined organization will result in a convenient one-stop shop for global consumers. Bio-Techne stated that Novus’ management and leadership team, namely Karen Padgett and Dave Eansor, will remain in place.
This is one of several acquisitions that the company has reported so far this year. Techne also recently reported its acquisition of Shanghai PrimeGene Bio-Tech through its China subsidiary R&D Systems China in April. The acquisition of the PrimeGene and its recombinant proteins is expected to be completed in the fourth quarter of fiscal 2014.
The company also revealed earlier this month another agreement to acquire Silicon Valley-based ProteinSimple for $300 million in cash.