BGL Completes the Sale of Bionostics, Inc. to Techne Corporation
Brown Gibbons Lang & Company (BGL) today announced the sale of Bionostics Holdings Limited and its operating subsidiary Bionostics, Inc. (Bionostics) to Techne Corporation (NASDAQ:TECH) (Techne). The all-cash transaction was valued at $104 million. BGL’s Healthcare & Life Sciences team initiated the transaction and acted as the exclusive financial advisor to Bionostics.
Bionostics is a global leader in the development, manufacture, and distribution of control solutions that verify the proper operation of in vitro diagnostic (IVD) devices primarily utilized in point of care blood glucose and blood gas testing. The company recently launched coagulation control products and is developing new controls for other growing diagnostic uses, particularly controls for cholesterol and HbA1c devices. Bionostics is positioned to take advantage of continuing growth driven by the increasing prevalence of diabetes and other diseases, the migration of diagnostic testing from the laboratory to the operating room, bedside, clinic, and home points of care, the implementation of controls regulations in global markets, and new controls being required for emerging diagnostic products.
Techne, through its subsidiaries R&D Systems and R&D Systems Europe, is engaged in the development, manufacture, and sale of biotechnology products and hematology calibrators and controls. Bionostics and Techne’s Hematology Division will collectively operate under a new Clinical contControls Division of R&D Systems.
About Bionostics
Bionostics is a world-leading developer and manufacturer of high quality, turnkey calibrators and quality control products for original equipment manufacturers (OEMs) for use with their point-of-care diagnostics systems. The company has strategic supply relationships with virtually all global IVD device OEMs. Bionostics’ controls are proprietary device-specific formulations which require FDA 510(k) approval. Further, each control is a component of the OEM’s 510(k), making the company’s controls integral to each diagnostic device. Bionostics was founded in 1981 and is based in Devens, Massachusetts. For more information, please visit www.bionostics.com.
About Techne Corporation
Techne Corporation has two operating subsidiaries: Research and Diagnostic Systems, Inc. (R&D Systems) of Minneapolis, Minnesota, and R&D Systems Europe, Ltd. (R&D Europe) of Abingdon, England. R&D Systems is a specialty manufacturer of biological products. R&D Systems has three subsidiaries: BiosPacific, Inc. (BiosPacific), located in Emeryville, California; Boston Biochem, Inc., located in Cambridge, Massachusetts; and R&D Systems China Co. Ltd., (R&D China), located in Shanghai, China. BiosPacific is a worldwide supplier of biologics to manufacturers of in vitro diagnostic systems and immunodiagnostic kits. Boston Biochem is a leading developer and manufacturer of ubiquitin-related research products. R&D China and R&D Europe distribute biotechnology products. R&D Europe has two subsidiaries: Tocris Holdings Ltd. (Tocris) of Bristol, England and R&D Systems GmbH, a German sales operation. Tocris is a leading supplier of chemical reagents for non-clinical life science research. For more information, please visit www.techne-corp.com.