Merck KGaA To Buy Bio-Techne
Merck KGaA to Buy Bio-Techne at $73 a share, valuing the deal at $11.3 billion; investors will watch the funding plan, credit profile and cost synergies.
KEY TAKEAWAYS
- Merck agreed to buy Bio-Techne for $73 a share, valuing the deal at $11.3 billion.
- Deal will be financed with existing cash plus new debt while preserving an investment-grade rating.
- Investors will focus on the funding plan, approval timing and planned cost synergies.
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Merck KGaA announced on June 25, 2026, that it will acquire Bio‑Techne in an all‑cash deal that expands Merck’s life‑sciences portfolio and enhances its research and bioprocessing capabilities. Merck KGaA (MKGAF, MKKGY) will acquire Bio‑Techne (TECH) for US$73 per share.
Deal Terms and Financing
Merck KGaA entered a definitive agreement to acquire Bio‑Techne for US$73 per share in cash, valuing the transaction at about US$11.3 billion. This price represents a 36.0% premium to Bio‑Techne’s one‑month volume-weighted average trading price and roughly a 24.0% premium to the prior-day close.
Merck plans to finance the acquisition with a mix of existing cash and new debt while maintaining a strong investment-grade credit rating. The company emphasized that the financing approach aligns with its capital-structure discipline and is a near-term focus for investors.
The acquisition is expected to be immediately accretive to sales growth and EBITDA pre margin after closing, with earnings per share (EPS) pre accretive by the third year. Merck targets annual cost synergies of approximately EUR 140 million, to be fully realized by the third year post-closing. The terms “EBITDA pre” and “EPS pre” refer to Merck’s non-IFRS financial metrics.
Strategic Fit and Approvals
Bio‑Techne, based in Minneapolis, provides life-science tools, analytical technologies, and consumables. The acquisition adds multi-omics and integrated workflow capabilities, broadening Merck’s offerings across reagents, proteins, antibodies, analytical tools, instruments, and spatial/multi-omics technologies used in research and pharmaceutical development. This extends Merck’s reach from discovery through commercial manufacturing and complements its life-science division, which includes MilliporeSigma in the U.S.
The merger has been approved by Bio‑Techne’s board and the relevant corporate bodies at Merck. Closing depends on Bio‑Techne shareholder approval, regulatory clearances, and customary closing conditions. Proxy materials will be filed with the U.S. Securities and Exchange Commission for shareholder review. The parties expect to complete the transaction by late 2026 or early 2027.
The companies said the deal supports Merck’s growth strategy by expanding its product and service platform, accelerating innovation, and increasing Bio‑Techne’s geographic and omnichannel access. This acquisition is among Merck’s largest life-sciences transactions since its roughly US$17.0 billion purchase of Sigma-Aldrich in 2014, which significantly expanded its lab supplies and research tools business.
