Devens Medical Tech Firm Acquired For $104M
courtesy
Bionostics CEO Michael Thomas.
Devens-based Bionostics Inc. has agreed to be acquired for $104 million in cash, according to Minnesota-based Techne Corp.
Bionostics develops, manufactures and sells controls to test the proper operation of in-vitro diagnostic devices primarily used for blood glucose and blood gas testing. The company was founded in 1981 and had $29.3 million in revenue for its last fiscal year, ended Aug. 31, 2012, according to Techne.
Techne is a publicly-traded company with $314.6 million in revenue in its most recent fiscal year. It develops, manufactures and sells biotechnology products and hematology calibrators and controls. Bionostics' and Techne's hematology division will operate together under a new clinical controls division of a Techne subsidiary, R&D Systems. Techne has a subsidiary in Cambridge, Boston Biochem, which employs a dozen people.
Charles R. Kummeth, president and CEO of Techne, said in a statement that Bionostics gives Techne new capabilities in coagulation products and expands its controls portfolio.
Michael H. Thomas, CEO of Bionostics, said the acquisition is a good strategic fit.
"Bionostics and R&D Systems have many customers in common and yet our product offerings are entirely complementary," he said.
Thomas will serve as a consultant for a transition period following the closing, and Techne said the Bionostics team will continue working from its Devens facility.
The transaction is expected to close in the first quarter of fiscal 2014.
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