M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Merck KGaA, Darmstadt, Germany to acquire BIO-TECHNE Corp
Announced Jun 26, 2026 · Pending Aug 10, 2026
Deal value$11.30BEV $11.30B
Premium29.0%To unaffected price
EV / Adj. EBITDA29.8x9.3x EV / Revenue
ConsiderationAll cash$73.00 per share
Transaction
- Acquirer
- Merck KGaA, Darmstadt, Germany
- Target
- BIO-TECHNE Corp (TECH)
- Buyer type
- Strategic
- Offer price per share
- $73.00
- Enterprise value
- $11.30B
- Status
- Pending Aug 10, 2026
Deal protections
- Break fee (target pays)
- $230M · 2.0%
- Reverse fee (buyer pays)
- $576M · 5.1%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Guggenheim, JPMorgan
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- 29.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- 29.8x vs. 10.7x sector median
- Break fee
- 2.0% vs. 3.4% sector median
Timeline
- AnnouncedJun 26, 2026
- Proxy filedAug 10, 2026
- Definitive proxyAug 20, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparables$58.00$72.00
Other analysis$45.00$74.00
Precedent transactions$49.00$67.00
Premiums paid$67.00$86.00
Premiums paid$65.00$83.00
Offer $73.00
Implied value per BIO-TECHNE Corp share by analysis, from Goldman Sachs · DCF discount rate 9%–10.5%.