Minneapolis-based Techne has closed the acquisition of Bionostics Holdings and its subsidiary Bionostics in a cash deal worth $104m.
Techne announced its plans to acquire Bionostics and the operating subsidiary last month, as part of its strategy to boost its haematology products portfolio.
Techne CEO and president Charles R Kummeth said that the acquisition of Bionostics would add capabilities in new areas such as coagulation and expands its controls portfolio, giving the company the critical mass it needs to remain competitive and offer its customers continued value and options to serve their needs.
Initially, the deal was expected to close in the first quarter of fiscal 2014.
Bionostics manufactures and develops control solutions that validate the proper working of in vitro diagnostic (IVD) devices, which are used for blood glucose and blood gas testings.
In addition, the firm has supply relationships with almost all international IVD device original equipment manufacturers (OEMs).
With the completion of the deal, Bionostics and Techne’s hematology divisions will together come under R&D Systems’ new clinical controls division.
Bionostics’ controls are device-specific formulations that need 510K approval from the US Food and Drug Administration. The company’s business largely comprises controls for blood glucose and blood gas devices.
It launched coagulation device control products recently and is now developing controls for other diagnostic purposes such as cholesterol and HbA1c point-of-care testing (POCT) devices.
Techne develops and manufactures biotechnology products and hematology calibrators and controls, and owns two subsidiaries, R&D Systems and R&D Systems Europe.