Techne Corp. announced Monday that it has acquired the Massachusetts-based biotech company Boston Biochem.
Minneapolis-based Techne said Boston Biochem is a developer of products related to regulatory protein ubiquitin. Techne is also acquiring Boston Biochem's European markets distributor.
The deal closed Friday and the assets were purchased in cash. Techne did not disclose the price.
Sales at Boston Biochem and the European distributor were $2.5 million last year. Techne reported $269 million in sales in its most recent fiscal year.
Techne, which is known for creating proteins needed in medicine and research, said the acquisition increases its product mix and will help its overall business by offering an important product category.
Ubiquitin has been associated with the regulation of disease states such as Alzheimer's, cystic fibrosis and diabetes, Techne said.
WENDY LEE
