Techne Agrees To Buy ProteinSimple For $300 Mln In Cash - Quick Facts

(RTTNews) - Purified proteins developer Techne Corp. (TECH) said it has agreed to acquire ProteinSimple for $300 million in cash. The transaction is expected to close on or around July 31.

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

ProteinSimple develops and commercializes proprietary systems and consumables for protein analysis.

At the core of the ProteinSimple success story is the Simple Western. The most recent instrument in the Simple Western family is Wes, which can deliver 25 Western blot results in less than 3 hours.

ProteinSimple also provides high-throughput Western blotting instruments - Peggy Sue and Sally Sue - which further drive lab productivity.

ProteinSimple has over 200 employees. Its revenues for the last twelve months ending May 31, 2014 were $57.1 million, up 30 percent, and Earnings Before Interest, Taxes, Depreciation and Amortization or EBITDA were $7.9 million.

Techne is a leading developer and manufacturer of purified proteins - notably cytokines and growth factors, antibodies, immunoassays and biologically active small molecule compounds.