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Techne Corporation Announces Acquisition
Date:5/3/2011

tracellular matrix, adhesion molecules, signal transduction and stem cells. Tocris reagents are also used from a pharmacological perspective to study ion channels, 7-TM receptors, nuclear receptors, enzyme-linked receptors, transporter molecules and enzymes.

Tocris products have traditionally been chemically-based small compounds, sold in highly purified forms and with agonistic or antagonistic properties in a variety of biological processes. R&D Systems products are biologically active reagents used in life science experimentation with very well defined properties. The addition of Tocris products to the R&D Systems product line will allow our customers to have access to the broadest range of compounds and biological reagents to meet their life science research needs. The combined chemical and biological reagents portfolio of the two companies will provide new tools which can be used in solving the complexity of important biological pathways and glean knowledge which may lead to a fuller understanding of biological processes and ultimately the development of novel strategies to address different pathologies.    

Tocris has a strong track record of profitable, cash generative growth with calendar 2010 revenues of approximately 11.7 million pounds Sterling ($18.2 million). Its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was approximately 7.4 million pounds Sterling ($11.4 million) in calendar 2010 for an EBITDA margin of approximately 63%.

Tocris was acquired for 75 million pounds Sterling (approximately $124 million) in cash. The acquisition should increase Techne's fourth quarter fiscal year 2011 sales by approximately $3.5 million.  The acquisition is expected to be slightly dilutive to Techne's fourth quarter fiscal 2011 and fiscal year 2012 net earnings, due to the impact of acquisition accounting related to the step-up in basis for acquired inventories and the amortization of intangibles. &#
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