Merck KGaA has signed a definitive agreement to acquire U.S.-based life sciences company Bio-Techne in an all-cash transaction valued at approximately USD 11.3 billion (EUR 9.9 billion). The acquisition is expected to significantly strengthen Merck's position in rapidly growing life sciences segments, including multi-omics, spatial biology, precision diagnostics, and cell & gene therapy.
Under the agreement, Bio-Techne shareholders will receive USD 73 per share in cash, representing a 36% premium over the company's one-month volume-weighted average trading price and about a 24% premium over its previous closing price. The transaction has already been approved by the boards of both companies and is expected to close by late 2026 or early 2027, subject to regulatory approvals and shareholder approval.
Bio-Techne is a leading supplier of recombinant proteins, antibodies, immunoassays, analytical instruments, and advanced research technologies used by pharmaceutical companies, biotechnology firms, academic institutions, and diagnostic laboratories worldwide. The company generated more than USD 1.2 billion in revenue during fiscal 2025, operates 34 locations across the globe, maintains 15 manufacturing facilities, and employs over 3,000 people.
The acquisition will add several industry-leading platforms to Merck's Life Science business, including ProteinSimple automated protein analysis systems, RNAscope spatial biology technology, and Bio-Techne's broad portfolio of cytokines, growth factors, antibodies, and immunoassay products. Merck also gains Bio-Techne's strategic position in cell therapy manufacturing technologies, including its stake in Wilson Wolf Corporation, a developer of advanced cell culture systems.
According to Merck, combining the two companies will create an integrated life science platform capable of supporting customers across the complete research and manufacturing workflow, from basic scientific discovery through drug development, testing, and commercial production. The company expects the combined portfolio to accelerate innovation while expanding customer access through Merck's global commercial network.
Merck expects the acquisition to be immediately accretive to sales growth and EBITDA margins after closing, while earnings per share are projected to become accretive by the third year. The company also forecasts approximately EUR 140 million in annual cost synergies, fully realized within three years after completion. The acquisition will be financed through a combination of existing cash reserves and new debt while maintaining Merck's investment-grade credit rating.
The transaction marks the largest acquisition by Merck KGaA in more than a decade, following its landmark purchase of Sigma-Aldrich, and represents the first major strategic acquisition under CEO Kai Beckmann. Industry analysts believe the deal positions Merck to capitalize on growing demand for advanced research tools, biologics development, and precision medicine technologies as global investment in life sciences continues to recover.
