Bio-Techne Corporation (NASDAQ: TECH) announced today that it has agreed to acquire 100% ownership of Cliniqa Corporation. Cliniqa specializes in the manufacturing and commercialization of quality controls and calibrators as well as bulk reagents used in the clinical diagnostic market. Its controls and reagents are used in a wide variety of diagnostic tests for such pathologies as cardiac disease, diabetes, cancer, immunological disorders, therapeutic drug monitoring, urine analysis and toxicology. Cliniqa has a solid track record of profitable and cash generative growth.
Cliniqa, which was founded in 1974, is based in San Marcos, California and has approximately 75 employees. It is a leader in the development, manufacture and distribution of control solutions that verify the proper operation of in vitro diagnostic (IVD) devices, with a primary focus on blood chemistry. Cliniqa has developed strong supply relationships with virtually all global IVD device manufacturers. Additionally, with over 165 510(k) clearances issued by the U.S. Food and Drug Administration, Cliniqa's experienced management team brings significant clinical diagnostics and regulatory experience to Bio-Techne.
Charles R. Kummeth, President and Chief Executive Officer of Bio-Techne, said, "I am very pleased with this acquisition as it strengthens not only our Clinical Controls product portfolio, but also our reach into the IVD/Clinical Diagnostics segment, as well as our management team. The addition of Cliniqa adds important capabilities to Bio-Techne as we continue to solidify our market presence and expand our business into key adjacent markets, such as immunodiagnostics. This acquisition also strengthens and expands our Clinical Controls Division, allowing us to offer our customers a broader spectrum of products and services to serve their needs."
Cliniqa Chief Executive Officer Kevin Gould added, "We believe this deal provides an excellent path forward for our customers and employees while also providing significant value for the shareholders. There are considerable commonalities and synergies between Cliniqa and Bio-Techne. Furthermore, the access to additional market channels and the resources across the entire Bio-Techne organization provide a great opportunity to continue our historical growth and find new opportunities as we continue to compete in the global market. The commitment by both organizations to providing novel products and services of the highest quality was a key driver in this deal."
Mr. Gould and other members of the Cliniqa leadership team will remain in place following the closing.
Fredrikson & Byron, P.A. is serving as Bio-Techne's legal counsel. Crosstree Capital Partners, Inc. is serving as exclusive financial advisor to Cliniqa Corporation. Procopio, Cory, Hargreaves & Savitch LLP is serving as legal counsel to Cliniqa Corporation. The transaction is expected to close on or around July 1, subject to regulatory clearances and the satisfaction of all other closing conditions.