German life sciences and pharmaceuticals conglomerate Merck KGaA announced Thursday it has struck a definitive agreement to acquire U.S. research tools provider Bio-Techne Corp. (NASDAQ: TECH) for $11.3 billion in cash, marking its largest life sciences takeover since the 2014 Sigma-Aldrich purchase and sharpening its bet on the fast-growing cell and gene therapy sector.
Under the deal terms, Merck will pay $73 per share for Bio-Techne, representing a 24% premium to the target’s Wednesday closing price and a 36% premium to its 30-day volume-weighted average price. The transaction is the first major acquisition under chief executive Kai Beckmann, who assumed the top role in May, and extends a years-long strategy of scaling the group’s life sciences division into its primary growth driver.
The buyout announcement ignited a sharp rally in Bio-Techne shares, which closed 20.02% higher at $70.67 on Thursday. The narrow spread to the offer price reflects broad market confidence the transaction will clear regulatory review. Trading volume surged to 51.3 million shares, roughly 1,378% above the stock’s three-month daily average of 3.5 million. Peer life sciences tools names also advanced: Danaher Corp. finished up 2.31%, while Repligen Corp. gained 4.93%.
Strategically, the acquisition stitches together an end-to-end cell and gene therapy (CGT) value chain for Merck. Bio-Techne’s sprawling portfolio covers research reagents, recombinant proteins, analytical instruments and GMP-grade bioprocessing materials, anchored by a catalog of more than 6,000 proteins and 425,000 antibodies used across drug discovery and commercial manufacturing. Those assets will plug directly into Merck’s existing capabilities in mRNA production and CGT process development, creating a fully integrated platform from lab bench to clinical-scale biomanufacturing.
“Bio-Techne brings unmatched scale to our reagent portfolio and is a huge, huge plus for our customers,” Jean-Charles Wirth, CEO of Merck’s Life Science sector, said on a media call.
Merck forecasts approximately €140 million in annualized cost synergies to be fully realized within three years of closing, which would add roughly 5% to its bottom line based on 2025 net income of around $3 billion. The company intends to fund the acquisition through a combination of cash reserves and new debt, and confirmed it will maintain its investment-grade credit rating. The deal, already approved by both companies’ boards, is on track to close in late 2026 or early 2027.
Wall Street analysts broadly characterize the combination as a strong strategic fit with limited antitrust risk. Puneet Souda, an analyst at Leerink Partners, wrote in a client note that Merck is securing “an attractive asset with strong long-term potential” even amid near-term pressures in the research tools market.
The transaction lands against a backdrop of resurgent global healthcare M&A, with more than $419 billion in deals completed year-to-date in 2026 — the strongest pace since 2021. Under former CEO Belén Garijo, Merck laid the groundwork for its expansion with a series of targeted buys including Exelead, Mirus Bio and SpringWorks Therapeutics, strengthening its positions in mRNA, CGT and rare disease therapies.
