Michael Thomas. Photo taken from Bionostics website.
MINNEAPOLIS — Techne Corp., which makes medical testing and diagnostic products, said Tuesday that it reached a deal to buy Bionostics Holdings Ltd. and its operating subsidiary Bionostics Inc. for $104 million in cash.
Bionostics develops, manufactures and distributes products that verify the proper operation of in vitro diagnostic devices mainly used in blood glucose and blood gas testing. The company has supply relationships with the vast majority of in vitro diagnostic device manufacturers, Techne said.
Founded in 1981, Devens-based Bionostics posted about $29.3 million in revenue for its fiscal year ended Aug. 31, 2012.
Bionostics and Techne’s hematology division will operate together under a new clinical controls division of Techne’s research and development systems business after the deal closes, which is expected in the first quarter of fiscal 2014.
Techne said it expects the acquisition to ‘‘slightly’’ boost its fiscal year 2014 earnings. It said the acquisition adds capabilities in new areas like coagulation and expands his company’s lineup of controls products.
Bionostics CEO Michael Thomas will serve as a consultant for a transition period after the deal closes. And the company’s management team and workers will continue Bionostics’ product development, marketing, and sales activities from Devens, Techne said.
In a statement, Thomas, said: “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.”