Bionostics Chief Executive Officer, Michael H. Thomas, added, "Strategically, the fit is excellent, as both Bionostics and R&D Systems have many customers in common and yet our product offerings are entirely complementary. Consequently, the combined business will represent far more of a one-stop-shop for our customers and ideally position us to compete in the global market. In addition, there are many similarities of culture between the two companies, not least a commitment in both cases to providing novel products and services of the highest quality."
Mr. Thomas will continue to serve Bionostics in a consulting capacity for a transition period following the closing, and the management team and employees of Biosnostics will continue its product development, marketing and sales activities from Devens, Massachusetts. They will also coordinate with R&D Systems and its related European and Chinese entities to expanded product distribution into the world-wide market.
Brown Gibbons Lang & Company initiated the transaction and acted as the exclusive financial advisor to Bionostics.
This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act. Such statements, including those relating to (i) the expected closing date of the acquisition, (ii) the expected impact of the acquisition on Techne's sales and net earnings, and (iii) the expected benefits of the acquisition on Techne's business and operations, involve risks and uncertainties that may affect actual results, including, but not limited to, receipt of regulatory approvals and the satisfacti
|SOURCE Techne Corporation|
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