Merck KGaA announced on June 26 that it has agreed to acquire Bio-Techne for $11.3 billion, aiming to strengthen its portfolio in consumables and equipment used for advanced therapeutics production.
Bio-Techne supplies products used in drug discovery, development, manufacturing, and diagnostics. While the development and manufacturing of advanced therapeutics represents the smallest of its three main business areas—accounting for $5 billion out of a total addressable market of $27 billion—it is also the fastest-growing segment with more than 20% growth. Merck KGaA identified this area as a key driver behind the acquisition.
The deal marks Merck KGaA’s third-largest acquisition to date. The company will pay $73 per share for Bio-Techne, representing a 36% premium over the average trading price during the past month. Jean-Charles Wirth, CEO of Merck’s life sciences business, said on an investor call that Bio-Techne increased sales from $714 million in 2019 to $1.2 billion in 2025.
Consumables make up 81% of Bio-Techne's sales and provide what Wirth described as “a highly durable and recurring revenue profile” supported by strong positions in high-growth markets such as cell therapy manufacturing. The consumable product line includes good manufacturing practice-compliant reagents and media.
Wirth said that cell therapy is “a small business, but growing nicely.” In 2021, Bio-Techne secured an option to buy Wilson Wolf after certain financial thresholds were met; Wilson Wolf produces G-Rex technology for immune cell production. By 2023, Bio-Techne had acquired a 20% stake in Wilson Wolf and is expected by Merck KGaA to purchase the remainder by 2028. Wirth stated that Merck is “especially excited about the opportunity to secure access to the next-gen, highly scalable manufacturing technology for immune cell therapy.”
Bio-Techne’s offerings include protein characterization and quantification along with quality control testing—elements essential for advanced therapies like targeted protein degraders and cell therapies made using their products. Wirth projected annual growth above 20% for advanced therapy manufacturing in coming years.
While historically focused on markets in the Americas, Wirth said there are significant opportunities for expansion into Asia-Pacific and Europe through Merck's global reach: "Regions including Asia-Pacific and Europe offer meaningful opportunities for growth and expansion." However, he added that no revenue synergies are assumed in takeover models; instead, annual cost synergies estimated at €140 million ($159.6 million) are expected within three years after closing.
