Merck KGaA to acquire Bio-Techne in $11.3bn deal to strengthen life sciences leadership

Posted on Jun 26, 2026

German science and technology group Merck KGaA has entered into a definitive agreement to acquire U.S.-based life sciences company Bio-Techne Corporation for US$73 per share in cash, valuing the transaction at an enterprise value of approximately US$11.3 billion (€9.9 billion): a strategic acquisition to expand in high-growth life sciences.

The acquisition, unanimously approved by Bio-Techne's board, represents a 36% premium to the company's one-month volume-weighted average share price. Subject to shareholder and regulatory approvals, the transaction is expected to close in late 2026 or early 2027.

The deal reinforces Merck KGaA's strategy of expanding its presence in fast-growing life sciences markets, particularly multi-omics, spatial biology, precision diagnostics, cell and gene therapy, and advanced analytical technologies.

Broadening capabilities across the life sciences value chain

Bio-Techne, headquartered in Minneapolis, has developed a leading portfolio of recombinant proteins, antibodies, immunoassays, molecular diagnostics and protein analysis technologies over its 50-year history. The company generated more than US$1.2 billion in revenue in fiscal year 2025, operates 34 locations worldwide and employs more than 3,000 people.

By combining Bio-Techne's scientific expertise with Merck's global manufacturing capabilities and commercial reach, the transaction will strengthen Merck's Life Science division across research, development, bioprocessing and commercial manufacturing. The combined group aims to offer integrated solutions spanning the full scientific workflow, from discovery to production.

Strong financial rationale

Merck expects the acquisition to generate approximately €140 million in annual cost synergies, fully realized by the third year following completion. The transaction is expected to be immediately accretive to sales growth and EBITDA margin after closing, while earnings per share are projected to become accretive by year three.

"This transaction is an important milestone in delivering our long-term strategic agenda," said Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck KGaA. "Bio-Techne's innovation capabilities and differentiated portfolio perfectly complement our global scale and customer reach."

Jean-Charles Wirth, CEO of Merck's Life Science business, added that the acquisition would strengthen the company's position in some of the fastest-growing areas of biotechnology while expanding capabilities across its Discovery Solutions, Advanced Solutions and Process Solutions businesses.

Expanding global reach

For Bio-Techne, the acquisition provides access to Merck's international infrastructure, manufacturing expertise and broader customer base. President and CEO Kim Kelderman said the combination would accelerate innovation while enabling customers to tackle increasingly complex scientific and healthcare challenges worldwide.

Merck KGaA will finance the acquisition through a combination of existing cash resources and new debt while maintaining its investment-grade credit rating.

Advisers

  • Merck KGaA is advised financially by Guggenheim Securities and J.P. Morgan, with Sullivan & Cromwell LLP acting as legal counsel.

  • Bio-Techne is advised by Goldman Sachs & Co. LLC as exclusive financial adviser and Sidley Austin LLP as legal counsel.

Sophie Stevenard