MINNEAPOLIS, June 18, 2013 /PRNewswire/ -- Techne Corporation (NASDAQ: TECH) (Techne) announced today that it has agreed to acquire 100% ownership of Bionostics Holdings Limited and its operating subsidiary Bionostics, Inc. (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. Biosnostics has strategic supply relationships with virtually all global IVD device Original Equipment Manufacturers (OEMs). The transaction is expected to close in the first quarter of fiscal 2014, subject to the satisfaction of customary closing conditions, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The acquisition is not subject to any financing contingencies.
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 Controls Division of R&D Systems after close of the transaction.
Bionostics was founded in 1981 and is based in Devens, Massachusetts. Its controls are proprietary device-specific formulations which require FDA 510(k) approval. Like the products made by R&D Systems' Hematology Division, each control is also a component of the OEM's 510(k), making Bionostics' controls integral to each diagnostic device. Controls for blood glucose and blood gas devices are the largest portion of Bionostics' business. Bionostics recently launched coagulation device
|SOURCE Techne Corporation|
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