MINNEAPOLIS, Sept. 5, 2017 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) announced today that it has acquired all of the stock of Trevigen Inc. for cash. The transaction is financed through available cash on hand.
Charles R. Kummeth, President and Chief Executive Officer of Bio-Techne, commented, "We are pleased to have Trevigen as part of Bio-Techne Corporation. We are very familiar with the Trevigen product line, having sold it for many years. The Trevigen products complement our current product portfolio and make it easier to reach customers interested in products to better understand cell behavior and genotoxic events on cells. Having tools to study DNA damage and the apoptotic cell process is an important aspect of understanding drug action. As more drug testing is being conducted on physiologically more appropriate cell models, including 3D cell cultures, having membrane extracts products to support the robust growth of such cells, such as the Cultrex product line, makes these products an important addition to the Bio-Techne product line."
Trevigen Chief Executive Officer Dr. Michael Elliot added, "We believe there is a good strategic fit between the two companies given that both companies share the passion to empower cutting-edge science with quality reagents. We have had long standing business relationship with Bio-Techne and we are pleased to have found a home for our products. Having a broader array of products will serve both our customers more efficiently and provide additional market channels for our products in the global market."
Trevigen was founded in 1992 by scientists and entrepreneurs Drs. Jack Chirkjian and Michael Elliot and is located in Gaithersburg, Maryland. The acquisition is expected to be accretive to Bio-Techne's adjusted earnings per share for its fiscal year 2018.
Fredrikson & Byron, P.A. is serving as Bio-Techne's legal counsel. CrossTree Capital Partners Inc. acted as financial advisor to Trevigen. Miles & Stockbrige P.C. serving as legal counsel to Trevigen.
Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. Forward-looking statements in this press release include statements regarding our belief about the market applications and impact of our acquisition of Trevigen, Inc. and our ability to derive advantages from this acquisition as we integrate it into our business. The following important factors, among others, have affected and, in the future could affect, the our actual results: the effect of new branding and marketing initiatives, the integration of new leadership, the introduction and acceptance of new products, the levels and particular directions of research and product development by our customers, the impact of the growing number of producers of biotechnology research and diagnostics products and related price competition, general economic conditions, the impact of currency exchange rate fluctuations, and the costs and results of our research and product development efforts and those of companies in which we have invested or with which we have formed strategic relationships.
For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.
Bio-Techne Corporation (NASDAQ: TECH) is a leading developer and manufacturer of high quality purified proteins––notably cytokines and growth factors, antibodies, immunoassays, as well as biologically active small molecule compounds --- which are sold to biomedical researchers and clinical research laboratories; these operations constitute the core Biotechnology Division, headquartered in Minneapolis, Minnesota. The Protein Platform Division manufactures innovative protein analysis tools under the ProteinSimple brand name that greatly automate western blotting and immunoassay practices. The Diagnostic Division manufactures FDA-regulated controls, calibrators, blood gas and clinical chemistry controls for OEM and clinical customers. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $563 million in net sales in fiscal 2017 and has approximately 1,800 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio-techne.com.
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SOURCE Bio-Techne Corporation