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US Techne unveils takeover of Boston Biochem.

MANews-(C)2009-2011

US biotechnology company Techne Corporation (NASDAQ:TECH) said Monday that via its subsidiary, R&D Systems, it has acquired ubiquitin-related research products developer Boston Biochem Inc for an unrevealed cash amount.

As part of the deal, R&D Systems, which develops purified cytokines (proteins), antibodies and assay kits, has also taken over UK Boston Biochem Limited, a distributor of Boston Biochem's portfolio.

The products developed by the target company enable biomedical researchers to improve and speed up their basic research and drug discovery activities, the buyer said in a statement. Thus the deal will allow R&D Systems to boost up its product portfolio and add to its services for research scientists. Tom Oland, chief executive of Techne, said he expects "significant potential synergy" related to the takeover.

Boston Biochem and its distributor booked sales of USD2.5m (EUR3.6m) for 2010. The transaction is not expected to have a considerable impact on the sales of Techne for the fourth quarter of fiscal 2011 or for fiscal 2012. It will however have a slightly dilutive effect of below USD0.02 per share on net earnings in the fiscal year that ends on 30 June 2012, Techne said.

Francesco Melandri, founder and president of Boston Biochem, will head the ongoing product development of ubiquitin-related products after the transaction.Country: , UK, USASector: Biotechnology, HealthcareTarget: Boston Biochem Inc, Boston Biochem LimitedBuyer: R&D Systems Inc, Techne CorporationType: Corporate acquisitionStatus: Closed

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Publication:M & A Navigator
Date:Apr 4, 2011
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