Merck KGaA buys Bio-Techne in its biggest deal since 2015
Money MovesGermany's Merck pays $73 a share, about $11.3 billion, for a Minnesota maker of lab reagents and spatial-biology tools
June 25th, 2026: Merck KGaA agrees to buy Bio-TechneNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Merck KGaA of Darmstadt, Germany, agreed to buy Bio-Techne, a Minneapolis company that makes the reagents, proteins, and imaging tools researchers use at the lab bench. The price is $73 a share in cash, about $11.3 billion, a 36% premium over the recent trading average.
It is the German firm's largest purchase since it paid roughly $17 billion for Sigma-Aldrich in 2015. The deal hands Merck a bigger share of fast-growing niches like spatial biology and cell therapy, and tests how regulators treat a foreign buyer absorbing a US supplier of research staples.
Why it matters
Most biology labs run on a handful of suppliers; this deal puts more of those tools under one roof, shaping what scientists can buy and at what price.
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A German maker of medicines, lab supplies, and electronics materials, separate from the US firm Merck & Co.
A Minneapolis company that sells the proteins, antibodies, and imaging kits used in biology research and diagnostics.
Timeline
November 2015 June 2026
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Merck KGaA agrees to buy Bio-Techne
Latest DealMerck announces an all-cash agreement to acquire Bio-Techne for $73 a share, about $11.3 billion, a 36% premium. Both boards approve.
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Kai Beckmann takes over as CEO
LeadershipBeckmann becomes Merck KGaA's group chief executive, succeeding Belén Garijo, who later moves to Sanofi.
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Merck KGaA closes Sigma-Aldrich deal
DealMerck completes its roughly $17 billion purchase of Sigma-Aldrich, building the core of its life-science supply business.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
Merck KGaA buys Sigma-Aldrich (2015)
Merck KGaA agreed to buy Sigma-Aldrich, a US lab-chemicals supplier, for about $17 billion. It was the company's largest deal and the foundation of its modern life-science business.
To win European approval, Merck agreed to sell parts of the combined chemicals business to Honeywell.
The deal made Merck KGaA a top-tier supplier of lab reagents and consumables, the base it is now expanding with Bio-Techne.
It is the direct precedent the company itself cites: the same buyer, the same strategy of acquiring US lab-supply firms, on a similar scale.
Danaher acquires Cytiva from GE (2020)
Danaher paid about $21 billion for General Electric's biopharma unit, later renamed Cytiva, a major maker of bioprocessing tools used to manufacture drugs.
US antitrust regulators required Danaher to divest several product lines before clearing the purchase.
Cytiva became a pillar of Danaher's life-science portfolio and a benchmark for valuing lab-tools assets.
It shows how rivals built scale through one large acquisition, and how antitrust agencies handle deals among a few dominant tool suppliers.
Thermo Fisher buys PPD (2021)
Thermo Fisher Scientific paid about $17.4 billion for PPD, a clinical-research services firm, widening its reach across the drug-development chain.
The all-cash deal closed within the year with regulatory clearance.
It cemented Thermo Fisher as the largest single player in life-science tools and services.
It is the kind of scale Merck KGaA is chasing, and a marker of the consolidation pulling smaller suppliers like Bio-Techne into larger parents.
