Bio-Techne Corp. will spend $257 million for a 20% stake of New Brighton company that makes cell culture devices.
If financial targets are met, Bio-Techne could buy the rest of Wilson Wolf Manufacturing for an additional $1 billion.
"I am excited about Wilson Wolf's role in simplifying and reducing the cost of manufacturing cell therapies," said Chuck Kummeth, CEO of Bio-Techne, in a statement.
The deal is expected to close at the end of March.
Minneapolis-based Bio-Techne makes proteins and reagents used by drug developers and medical researchers. Its investment in Wilson Wolf could expand and strengthen its work with cell and gene therapies.
Wilson Wolf works on devices to help treat cancer, including one that creates immune cells that can be infused back into a patient. John Wilson, CEO of Wilson Wolf, said Bio-Techne makes the "ingredients" needed provide nutrients to the cells.
The proximity of the two companies in the Twin Cites is remarkable for the industry, Wilson said.
"We deal with companies on an international basis. They're 3 miles from us," he said.
