Biotech firm Techne Corp. has acquired Massachusetts-based Bionostics Holdings Ltd. for $104 million in cash.
Techne, based in Minneapolis, makes controls used in hospitals and laboratories to check the accuracy of blood analysis instruments. Bionostics, based in Devens, Mass., offers control products for verifying the proper operation of medical devices used for blood glucose and blood gas testing.
The acquisition is expected to be “slightly accretive” to Techne’s fiscal 2014 net earnings.
“The addition of Bionostics adds capabilities in exciting new areas like [blood] coagulation, and expands our controls portfolio,” said Techne CEO Charles Kummeth.