Bio-Techne to acquire China's PrimeGene

Techne Corp (Nasdaq: TECH; d/b/a Bio-Techne) says that its R&D Systems China (R&D China) subsidiary has entered into an agreement to acquire 100% of the ownership interest of Shanghai PrimeGene Bio-Tech Co.

PrimeGene is a leader in the China market in the development, manufacture and distribution of recombinant proteins for research and diagnostic applications. The transaction is expected to close in the fourth quarter of fiscal 2014, subject to the satisfaction of certain closing conditions. The acquisition, financial terms of which are not disclosed, is not subject to any financing contingencies.

R&D Systems, a member of the Bio-Techne group, is a leading developer and manufacturer of purified cytokines (proteins), antibodies, immunoassays and biologically active small molecules, which are sold to biomedical researchers and clinical research laboratories. PrimeGene and R&D China will collectively operate under the leadership of managing director Wendy Shao after close of the transaction.