Benzinga | Mar 4, 2021 06:37AM EST

Bio-Techne Scoops Up Genetics And Oncology-Focused Diagnostics Firm

* Bio-Techne Corp (NASDAQ: TECH) has agreed to acquire Asuragen Inc, a provider of genetic carrier screening and oncology testing kits.

* The deal value includes an initial consideration of $215 million in cash plus contingent consideration of up to $105 million.

* The transaction will close by the end of this year.

* Bio-Techne had a cash, equivalents, and short-term investments balance of $282.95 million as of December 2020.

* Asuragen operates a 50,000 square foot manufacturing facility and a laboratory. Last year it generated greater than $30 million in revenue globally.

* Asuragen's CEO, Matt McManus, will join the Bio-Techne team to continue to lead the legacy Asuragen business and the integration process.

* Perella Weinberg Partners LP is the financial advisor, and Vinson & Elkins LLP is serving as legal counsel to Asuragen.

* Price Action: TECH shares closed 3.8% lower at $361.24 on Wednesday.