Minneapolis-based Techne Corp. has made a $10 million investment in CyVek Inc., a deal that is a step toward acquiring the maker of technology for rapid analysis of laboratory samples.
Techne, doing business as Bio-Techne, committed to acquire the Wallingford, Conn.-based company if certain milestones are met.
Techne and its subsidiaries make and sell biotechnology products and clinical calibrators and controls for research scientists.
CyVek's technology, known as CyPlex, uses disposable cartridges and a benchtop analyzer to provide "sample-to-answer" test results in 10 to 60 minutes. The technology can be used in a wide variety of clinical applications including life sciences research.
Techne, which had annual revenue in 2013 of $300 million, provides antibodies and reagents that would work with the CyPlex system.
"The combination of Bio-Techne's content on CyVek's multiplex testing platform provides researchers with a powerful tool to develop, validate and test biomarker panels," Per Hellsun, president and chief executive of CyVek, said.
Bio-Techne CEO Charles Kummeth said the deal is consistent with the company's long-term strategy to expand beyond the role of reagent supplier.
Patrick Kennedy • 612-673-7926
