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Techne Corporation Announces Acquisition Agreement
Date:6/18/2013

control products and is developing new controls for other growing diagnostic uses, particularly controls for cholesterol and HbA1c point-of-care testing (POCT) devices. Bionostics is positioned to take advantage of continuing growth driven by the increasing prevalence of diabetes and other diseases, the migration of diagnostic testing from the laboratory to the operating room, bedside, clinic, and home points of care, the implementation of controls regulations in global markets and new controls being required for emerging diagnostic and (POCT) products.

Bionostics has a strong track record of profitable, cash generative growth with revenues of approximately $29.3 million for its fiscal year ended August 31, 2012. Its adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) were approximately $9.4 million in its fiscal year ended August 31, 2012 for an EBITDA margin of approximately 32%.  EBITDA adjustments include Bionostics' Board of Director fees, transaction related costs and severance payments that will not recur after the acquisition.

Bionostics will be acquired for $104 million in cash, subject to adjustment following closing based on the final level of working capital of Bionostics.  The acquisition is expected to be slightly accretive to Techne's fiscal year 2014 net earnings, despite the impact of acquisition accounting related to the step-up in basis for acquired inventories and the amortization of intangibles.  However, the purchase price allocation of the acquisition has not been completed and, therefore, it is not currently possible to predict the impact that the acquisition will have on first quarter fiscal 2014 or fiscal 2014 earnings per share.

Charles R. Kummeth, President and Chief Executive Officer of Techne, said, "We are delighted to add the Bionostics team to our Hematology division. This business is how Techne R&D Systems was founded some 30 years ago
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