Bio-Techne Shareholders Approve Merck KGaA's $11.3 Billion Cash Bid
The life-science tools maker cleared the merger vote as remaining regulatory approvals still stand between the parties and a late-2026 or early-2027 close.
Bio-Techne Corporation (TECH) shareholders voted to approve the definitive agreement under which Merck KGaA, Darmstadt, Germany, will acquire the Minneapolis-based life science tools company for $73 a share in cash, a transaction valued at about $11.3 billion.
At a special meeting on September 23, 2026, holders of 78.55% of the 156,800,296 shares outstanding as of the August 11 record date were present or represented by proxy. The merger proposal drew 121,929,544 votes for, 1,208,817 against and 30,610 abstentions. A non-binding advisory vote on merger-related compensation for named executive officers passed 25,912,275 to 96,412,306.
“[W]e are grateful to our shareholders for their strong support, which marks an important milestone toward completing the transaction,” said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. “Joining Merck KGaA, Darmstadt, Germany, will bring together our complementary and leading life sciences organizations while delivering substantial, near-term cash value to Bio-Techne shareholders.”
The combined company will be positioned to support customers across life-science workflows from discovery and translational research through development, testing and commercial manufacturing. Merck KGaA said the deal would expand its presence in high-growth life-science markets and add capabilities in multi-omics, spatial biology, precision diagnostics and cell and gene therapy.
Bio-Techne, which in fiscal 2025 generated more than $1.2 billion in net sales and employs more than 3,000 people across 34 locations, would contribute a portfolio of cytokines, growth factors, antibodies and immunoassay kits, ProteinSimple analytical instruments, RNAscope in-situ hybridization technologies and materials for cell-therapy developers.
The Hart-Scott-Rodino waiting period expired on September 18, 2026. The companies continue to expect a close by late 2026 or early 2027, subject to customary conditions, including remaining regulatory approvals. Merck KGaA said the acquisition would be funded with existing cash and new debt and that it would preserve an investment-grade credit rating. The deal is expected to be immediately accretive to sales growth and EBITDA pre-margin after closing, with EPS pre-accretive by year three and annual cost synergies of about 140 million euros expected to be fully realized by that horizon.
Under the June 25, 2026 merger agreement, EMD Holdings NewCo, Inc., a Minnesota subsidiary of Merck KGaA, will merge with and into Bio-Techne, leaving Bio-Techne as a wholly owned subsidiary of the German parent. Final certified voting results were to be reported in a Form 8-K.