Merck KGaA to acquire Bio-Techne for US$11.3B in major life sciences expansion

USA—German company Merck KGaA has agreed to acquire US-based Bio-Techne Corporation for US$11.3 billion, marking its largest acquisition in over a decade and one of the biggest healthcare deals this year.

The company will pay US$73 per share in cash, representing a 36% premium to Bio-Techne’s one-month volume-weighted average share price and a significant premium to its previous closing price.

The acquisition is expected to strengthen Merck’s position in the rapidly growing life sciences sector, particularly in areas such as cell and gene therapy, precision diagnostics, multi-omics research, and biopharmaceutical manufacturing.

Bio-Techne develops and manufactures life science reagents, analytical instruments, and clinical diagnostic products used by researchers and pharmaceutical companies worldwide.

Its portfolio includes proteins, antibodies, cytokines, growth factors, and immunoassay kits that support drug discovery and development.

Bio-Techne operates from 34 locations globally and employs approximately 3,100 people.

In fiscal year 2025, the company generated more than US$1.2 billion in net sales, reflecting steady demand for its research and laboratory technologies.

Expanding across the scientific value chain

Merck said the acquisition will enable it to support customers across the entire scientific journey, from early-stage discovery and translational research to product development, testing, and commercial-scale manufacturing.

The company expects Bio-Techne’s technologies to complement its existing life sciences business and expand its presence in high-growth research markets.

The deal is expected to generate an annual cost combined effect of about €140 million (US$159 million) within three years of closing.

Merck plans to finance the transaction through a combination of existing cash reserves and new debt. Subject to shareholder and regulatory approvals, the acquisition is expected to close by late 2026 or early 2027.

Commenting on the agreement, Chief Executive Officer Kai Beckmann described the transaction as an important milestone in advancing Merck’s long-term growth strategy.

He said Bio-Techne’s portfolio aligns closely with the company’s goal of delivering innovative solutions across the biotechnology and pharmaceutical value chain.

First major move under new CEO

The acquisition is the first major transaction under Beckmann, who recently succeeded Belén Garijo as CEO.

Since taking the helm, he has emphasized mergers and acquisitions as a key driver of future growth across Merck’s healthcare, life sciences, and electronics businesses.

In recent months, Beckmann signaled that the company would pursue opportunities to strengthen areas where its product pipeline and market presence could be expanded.

The Bio-Techne purchase follows Merck’s US$3.9 billion acquisition of SpringWorks Therapeutics in 2025 and represents the company’s largest deal since its US$17 billion acquisition of Sigma-Aldrich in 2015.

Together, these transactions highlight Merck’s strategy to expand beyond pharmaceuticals and build a broader portfolio of research, laboratory, and manufacturing technologies.

Growing momentum in healthcare M&A

The announcement comes amid a resurgence in healthcare and biotechnology dealmaking.

Industry analysts note that pharmaceutical companies are increasingly investing in research tools, diagnostics, and manufacturing technologies to pursue new growth opportunities and diversify revenue streams.

Recent major transactions have included Sun Pharma’s US$11.75 billion acquisition of Organon and GSK’s US$10.6 billion purchase of cancer-focused biotech company Nuvalent.

Against this backdrop, Merck’s acquisition of Bio-Techne underscores the growing importance of life sciences technologies in supporting the next generation of drug development and precision medicine.