Bio-Techne To Buy CyVek

(RTTNews) - Bio-Techne Corp. (TECH) said Tuesday that it has agreed to buy CyVek, Inc. for $60 million in cash, plus a potential earn-out payment of up to $35 million based on CyVek revenue over the 30-month period following the closing and an additional potential earn-out payment based on CyVek revenue through 2020 in excess of $100 million.

The closing of the acquisition is the result of CyVek having met pre-agreed commercial milestones.

The deal will be financed through a combination of cash on hand and a revolving line of credit facility.

CyVek, which has about 40 employees at its Connecticut facility, has developed a transformative immunoassay technology, CyPlex, which integrates an innovatively designed microfluidic cartridge with a state-of-the-art analyzer to deliver the most advanced and efficient bench top immunoassay system. CyPlex's ability to provide "sample to answer" test results precisely and quickly in a sealed disposable device makes it a very attractive platform for both research and clinical applications. The CyPlex technology has the potential for broad market applicability.