Bio-Techne To Acquire Advanced Cell Diagnostics

(RTTNews) - Bio-Techne Corp. (TECH) announced that it has agreed to acquire Advanced Cell Diagnostics or ACD for $250 million in cash plus contingent consideration of $75 million due upon the achievement of certain milestones. The transaction is expected to close on or about August 1, 2016, with closing subject to the satisfaction of customary closing conditions.

The transaction will be financed through a combination of cash on hand and a revolving line of credit facility that Bio-Techne expects to obtain prior to the closing of the acquisition.

The acquisition is expected to be slightly dilutive to Bio-Techne's adjusted earnings per share for its fiscal year 2017, and accretive thereafter. ACD's business model attracted funding from premier investment firms such as Morningside Venture, New Leaf Venture Partners, Summit Partners and Kenson Ventures.

ACD's technology has been used in thousands of leading academic and industrial labs, and featured in over 500 peer reviewed publications to date. ACD is headquartered in Newark, California, with field offices in Italy, China and Japan.