Business law firm, DWF, has advised Techne Corporation, a US-based manufacturer of haematology controls and biotechnology products, on its agreement to acquire calibration and quality control materials manufacturer, Bionostics Holdings Limited.
The $104 million deal, which was exchanged on 17 June 2013, saw R&D Systems, a subsidiary of Techne, acquire the entire issued share capital of Bionostics Holding Limited and its operating subsidiary Bionostics, Inc.
Leading the deal was Guy Jackson, partner in DWF’s corporate group assisted by Alex Birch and Hannah Graham in the corporate group, together with a number of specialists from across DWF, including Haydn Rogan on Tax and Jayne Firth on Pensions.
Guy Jackson, said: “Advising on this deal was especially rewarding as both Bionostics and R&D Systems have many customers in common and yet provide entirely complementary product offerings. This deal will allow the company to capitalise on a number of medical trends and bolster its position in the marketplace.”
Charles R. Kummeth, president and chief executive officer at Techne, said: "We are delighted to add the Bionostics team to our haematology division. This business is how Techne R&D Systems was founded some 30 years ago and remains thriving today. The addition of Bionostics adds capabilities in exciting new areas like coagulation and expands our controls portfolio, giving us the critical mass we need to remain competitive and offer our customers continued value and options to serve their needs."
The transaction is expected to close in July 2013. Fredrikson & Byron acted as US counsel to the buyer. Bircham Dyson Bell acted as UK counsel to the sellers while Carmody & Torrance LLP acted as US council to the sellers.