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Techne Corporation Announces Acquisition Completion
Date:7/22/2013

MINNEAPOLIS, July 22, 2013 /PRNewswire/ -- Techne Corporation (NASDAQ: TECH) (Techne) announced today that it has finalized its previously announced acquisition of Bionostics Holdings Limited and its operating subsidiary Bionostics, Inc. (Bionostics). Bionostics was acquired for approximately $104 million in cash, subject to adjustments following closing based on the final level of working capital. 

Bionostics is a global leader in the development, manufacture and distribution of control solutions that verify the proper operation of in vitro diagnostic (IVD) devices primarily utilized in point of care blood glucose and blood gas testing.  Bionostics has strategic supply relationships with virtually all global IVD device Original Equipment Manufacturers (OEMs).

Techne, through its subsidiaries R&D Systems and R&D Systems Europe, is engaged in the development, manufacture and sale of biotechnology products and hematology calibrators and controls.  Bionostics and Techne's Hematology Division will collectively operate under a new Clinical Controls Division of R&D Systems after close of the transaction.

Bionostics was founded in 1981 and is based in Devens, Massachusetts.  Its controls are proprietary device-specific formulations which require FDA 510(k) approval.  Like the products made by R&D Systems' Clinical Controls Division, each control is also a component of the OEM's 510(k), making Bionostics' controls integral to each diagnostic device.  Controls for blood glucose and blood gas devices are the largest portion of Bionostics' business.  Bionostics recently launched coagulation device control products and is developing new controls for other growing diagnostic uses, particularly controls for cholesterol and HbA1c point-of-care testing (POCT) devices.
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