Merck KGaA to acquire Bio-Techne for $11.3 billion in its largest deal since 2015

The deal

Merck KGaA has agreed to acquire Bio-Techne Corporation for $11.3 billion (€9.9 billion), the Darmstadt-based company announced on Thursday. The all-cash offer of $73 per share represents a 24% premium to Bio-Techne's closing price on Wednesday and a 36% premium over the one-month volume-weighted average. Both companies' boards have approved the transaction, which is expected to close in late 2026 or early 2027, pending regulatory and Bio-Techne shareholder approvals.

“Bio-Techne fits perfectly with us and is directly aligned with our strategic direction of offering cutting-edge products and solutions across the entire life-science value chain — from research labs to biotech and pharma customers.”

Strategic rationale

Bio-Techne supplies research reagents, proteins, antibodies, and analytical instruments used by scientists and drug developers. The acquisition strengthens Merck's life-science division in fast-growing areas such as cell and gene therapies, precision diagnostics, and spatial biology. Life-science chief Jean-Charles Wirth said the deal brings innovation, including 6,000 proteins and 425,000 antibodies.

“Merck is buying innovation power here.”

Financial details

Merck will fund the purchase through existing cash and new debt, maintaining what it calls a strong investment-grade rating. The company expects annual cost synergies of around €140 million. The acquisition is projected to be immediately accretive to sales growth and EBITDA pre margin, and to EPS pre by the third year after closing. Bio-Techne shares rose 22% in premarket trading, while Merck shares gained 1.3%.

Merck's lab division

Merck's life-science unit, built through acquisitions including Millipore (2010) and Sigma-Aldrich (2015, $17 billion), now generates about €9 billion in annual revenue, nearly half of the group's total of over €20 billion. The Bio-Techne deal is the company's largest since Sigma-Aldrich and the first under CEO Kai Beckmann, who took over in May from Belén Garijo. Bio-Techne, with around 3,000 employees, reported revenue of more than $1.2 billion in fiscal 2025.

Sigma-Aldrich (2015)17

Bio-Techne (2026)11.3

Springwork Therapeutics (2025)3.4

Sigma-Aldrich (2015)

17 $ billion

Bio-Techne (2026)

11.3 $ billion

Springwork Therapeutics (2025)

3.4 $ billion

Data from the article text

What's next

The transaction requires clearance from antitrust authorities and approval by Bio-Techne shareholders. If completed, it will further consolidate Merck's position as a major supplier of laboratory tools, competing with US giants Thermo Fisher and Danaher.